DISSERTATION 

O N 

COMMERCE. 

Clearly Demonftfating 

The True Sources of 

National Wealth and Power^ 

Together with 

The moft rational Meafures 
For Acquiring and Preferving both. 

The Whole deduced from the Nature of 

Irade^ Indujlry^ Money and Exchanges. 

Tranflated from the ITALIAN the 

Celebrated Marquis JeromeBellonIj 

Merchant and Banker o me,— 



LONDON: 
Printed for R, M a n b on Lu-dgate-HilL 



H 3 / 5 7 



THE 

ITALIAN EDITOR'S 

PREFACE 

TO THE 

READER. 

THAT the ingenious Rea-- 
der may not think the lefs 
of this Diflertation, be- 
caufe it appears in a fmall Volume, 
it may be proper to lay before 
him the Author's Defign, and the 
particular Point he had in View : 
For though he was very fenfiblej 
when he began to write, that a 
great deal might be faid upon 
this Subjed, yet he chofe to fe- 
le6t fuch Thoughts as had the 
neareft Affinity with his own Pro- 
A feffiouj 



[ vi ] 

feffion, and were moft conducive 
to illuftratc thofe Principles, which 
are of the greateft Weight and Im- 
portance in Trade. And as the 
Nature of his Bufinefs, his Penetra- 
tion, . and extraordinary Skill in 
Matters of this Kind, together with 
his long Experience, gave him a 
perfed: Infight into the moft fecret 
Springs of the various Effects of 
Commerce, and the Turns and Al- 
terations which daily happen in the 
Courfe thereof ; the Concurrence 
of fo many Advantages qualified 
him to communicate with great 
Eafe, and in a few Vv'ords, what 
others could not have faid but in 
large Volumes. And this is, in 
my Opinion, a good Reafon why 
the fmall Size of this Performance 
fhould be fo far from leffening it's 
Worth and Merit^ or founding a 
Prejudice againft the Excellence and 
Ufefulnefs of the Author's Defign, 

that 



[ vii ] 

that it ought, on the contrary, to 
raife the Reputation and Efteem of 
both ; for though we therein meet 
only with a few Maxims and Pro- 
pofitions, yet the Confequences 
drawn from them are very confide- 
rable, both for their Number and 
Importance, and open a High Way 
for difcovering the general Advan- 
tages that may be obtained by Means 
of Trade and Commerce. This 
then is the Motive that induced our 
Author to content himfelf, in this 
Differtation, with inquiring only 
into the Power or Force of Com- 
merce, the Nature of Money and 
Exchange, and the Proportion be- 
tween Gold and Silver ; defignedly 
omitting all other Confiderations, 
from a full Perfuafion, that all the 
Obfervations that can be made on 
the different States of Commerce in 
any Kingdom, are eafily deducible 
from what he lays down concern- 
A 2 ing 



[ viii ] 

ing thofe three fundamental Points. 
And, to fay the Truth, as it is very- 
certain, that thefeveral Changes of 
this Kind, which have been experi- 
enced thefe two or three laft Centu- 
ries in feveral Kingdoms of EuropCy 
were in a great Meafure owing to 
the many Abufes which had been 
introduced into the Syftem of Mo- 
ney there could not be a more ef- 
fexSlual Method for difcovering their 
Caufes, than to inquire into the 
Reafons why Money was fubjeded 
to fo great and fuch extraordinary 
Viciffitudes ; which the Author of 
this Differtation has executed with 
equal Brevity and Succefs. For the 
Affair of Money being fo inter- 
woven and conneded with the 
Pradice of Commerce, that it is 
not poflible to explain the Nature 
of Money, but by the Relation it 
has to Commerce, he has accord- 
ingly fallen upon a Method, which, 

at 



[ix] 

at the fame Time that it lays open 
the Nature of Commerce, leads 
alfo to difcover the true Ef- 
fence of Money, and while it il- 
luftrates the Properties of Money, 
happily brings to Light the various 
Effeds it has upon Commerce. 
Thus the Nature of Money, which 
to the greatefl: Part of Mankind is 
a dark, abftrufe Myftery, not to 
be underftood without the greatefl; 
Difficulty, is eafily comprehended 
by this Method, which coniifts in 
confidering it not abflradedly and 
by itfelf, but with Relation to thofe 
Things whereof it is the common 
Meafure ; and deducing from their 
particular Caufes, certain particu- 
lar EiFedls in Trade, which are 
connedled therewith: So that, 
if I might be allowed on this Oc- 
cafiion to ufe the Comparifon, I 
would fay that the Author's Me- 
thod has thrown juft fuch a Light 

on 



on the Knowledge of Money and 
Commerce, as Experiments have 
fhed on the Science of Natural Phi- 
lofbphy* For as by Means of Ex- 
periments, the Caufes of many Phas- 
nomena, that were formerly either 
quite unknown, or at leaft very 
doubtful, are rendered very clear 
and evident to the Senfes; fo by 
the Obfervations which our Au- 
thor has made, we come to have 
a diftind: View of the true Caufes 
of all the Advantages gained, and 
the Loffes fuftained by many King- 
doms, by the Means of Money 
and Trade. From all which it is 
eafy to conclude, how much thefe 
Obfervations ought to be valued, 
and what Praife is due to their il- 
luftrious Author, 



THE 



[ xi ] 

THE 

A U T H O R's 

PREFACE. 

I.^nr^HOUGH a great many 
a Writers have undertaken 
^ in their Works to explain 
and illuftrate the Nature of Com- 
merce, it is neverthelefs evident^ 
that they have not all direded 
their Studies and their Pains to the 
fame Mark. And, indeed, fome 
of them feem to have had no other 
Intention, than to advance the In- 
tereft of the Republic of Letters^ 
while others, on the contrary, from 
nobler Viev^^s, have made it their 
chief Study to promote the Benefit 

of 



E ] 

of Mankind, and the Interefts of 
Sovereigns. Moreover^ thofe who 
had nothing in View but Erudition, 
have fatisfied themfelves with gi- 
ving hiflorical Accounts of the 
Methods of Commerce that have 
been purfued in former Times ; 
whereas others, on the contrary, 
have attempted to fhew the Ways 
and Means of improving the Ad-- 
vantages of civil Society, according 
to the various Circumftances of 
Things. Again, tho' the latter have, 
by different Methods, and by col- 
leding many ufeful Obfervationsj 
done their utmoft to illuftrate the 
Nature of Trade, it appears to 
me, neverthelefs, that none of them 
has given a diftin6t and general 
Account of Commerce, nor any 
clear and adequate Idea of it. For 
though their Writings are very pro- 
lix, and full of Rules and Direc- 
tions 



tions for facilitating the pradlical 
Exercife of Trade, they have not 
fhewn the fecret Springs that Influ- 
ence all it's Operations, nor taken 
care to demonftrate the Force that 
puts in Motion the vaft Wheel of 
Commerce. Now ilnce Commerce 
is a Matter of fuch vaft Extent and 
Variety, it would feem that no- 
thing more ufeful can be done^ 
than to lay down a fhort and 
compendious Syftem^ containing 
a clear and diftincSfc Account of 
certain efTential Things, and fliew- 
ing how, as Inftruments, they 
begin and continue a circular 
Motion, by Means whereof an 
infinite Series of connefted E- 
vents difcovers itfelf at once, and 
appears in the cleareft and trueft 
Light. 



( a ) il. AnA 



IL And in Truth, fuch a ge- 
neral Idea would be fo much the 
more ufeful, as, together with the 
Knowledge of thefe Things, which, 
as we have obferved, are the Bafis 
and Foundation of Commerce, it 
not only direds private Men to 
proper Meafures for conduding 
themfelves in a Courfe of Traffic, 
but alfo prefents to Princes them- 
felves and to all thofe who are 
at the Helm of States and Com- 
monwealths, a clear and certain 
Rule by which, for their better 
Government, they may know the 
true Caufes of the Increafe or De~ 
cay of Trade in their Dominions, 
and confequently why their Sub- 
jedls are rich or poor. And furely 
nothing can be more pleafant or 
more profitable, than when a 
Kingdom advances in Greatnels, 

to 



[XV] 



to be able to difcover the original 
Caufes of that Improvement; when, 
on the contrary, it dechnes, to 
trace the Diftemper to it's Source 
and Spring, and proceeding further 
to compare Kingdoms together with 
Refped: to their Oeconomy, and 
fee how far the one has the Ad- 
vantage of the other, by the Means 
of Trade. For my own Part, if 
I may be allowed to ufe fuch a 
Comparifon, I fhould think there 
is juft the fame Di{Ference between 
a Man who underftands Commerce 
in the common Way, and one who 
has confidered it according to the 
Method here propofed, as between 
a Perfon who has no other Know- 
ledge of Geography, but what he 
has impreffed upon his Memory, 
by the bare InfpeAion of Maps, 
without any Acquaintance with the 
Syftem of the World, or the Cir- 
( a 2 } cles 



[ xvi ] 

clcs of the Sphere, and the Pofi^- 
tion of the terreftrial Globe; and 
another Man, who being inftrudt-^ 
ed in the Dodlrine of the Sphere, 
has every Thing relating to it well 
digefted in his Mind, and can give 
a rational Account of each Parti- 
culan 

III. Since then the Knowledge 
pf Commerce is fuch as I have re- 
prefented it, and we can by no 
Means come to difcover the parti- 
cular Effeds of it, or affign the 
Caufes of thofe Effeds, but by in- 
quiring into the Principles and Ele- 
ments of it, I am perfuaded that 
my Labour will not be ill beftow- 
ed, if I confider my Subjed in 
this Light, and comparing toge- 
ther the fundamental Principles of 
Commerce, proceed regularly to 
jdiew how- the various Circum- 

fiance^ 



[ xvii ] 

ftanees of it proceed from thofe 
Principles, and how different Ef- 
feds naturally and neceffarily flow 
from different Caufes. 

IV. Now lince in Comraerce 
three Things mufl: be confidered, 
viz. Money, Exchange, and the 
Proportion between Gold and Sil- 
ver, the Metals of which Money is 
compofed, thefe three Things muft 
be therefore diftinctly conlidered, 
after I have firft explained the 
Nature of Commerce, and it's Ex- 
cellency and Ufefulnefs not only to 
States and Kingdoms, but to all 
Mankind in general. Under thefe 
four Heads then I (hall comprize 
the whole Subftance of the Affair ; 
to which I fhall add an Appendix^ 
which may be confldered as a Co- 
rollary to the Dodrine delivered 
ppon thofe Heads^ and will con- 
tain 



[ xviii ] 

tain fome Obfervations, by Means 
whereof it will be demonftrated 
from the preceding Principles, how 
the Strength of a State is eftablifh- 
ed, and from Time to Time im- 
proved by Means of Commerce and 
good Regulations. But fince thefe 
Things I am to treat of feparately, 
have fo great a Connexion and mu- 
tual Relation to one another, that 
it will be a difficult Matter to Ipeak 
of one, without mentioning that 
mutual Relation of the one to the 
other, therefore in difcourfing of 
each, ! Oiali be obliged of neceffity to 
repeat fome of thofe Things, which 
perhaps may have been already 
mentioned elfewhere, and this muft 
be done for another Reafon, to 
wit, that fuch as purpofe to read 
thefe my Reflexions, may with 
the greater Eafe be enabled to 
comprehend the Principles and 

Funda- 



[ xlx ] 

Fundamentals of Commerce ; and 
though the Subjeit is, in it's own 
Nature, very intricate and exten- 
iive, they will find, that what I 
have here advanced , will give 
them the cleareft Ideas poffible 
of the Matters here treated of. 




THE 



[ XX ] 



THE 

CONTENTS. 



o 



C H A R I. 

F the Nature^ Origin ^ and Utility 
of Commerce Page i 

CHAP. 11. 

Of the Nature and Origin of Money 2t 

CHAP. IIL 

Of Exchange 

CHAP. IV. 

Of the Equality and Inequality between 
Gold and Silver 39 

APPENDIX. 

Containing Inferences drawn from the 
preceding Principles., wherein feme Me^ 
thods are propojed for the Improvement of 
Commerce^ to the great Advantage of 
Kingdoms 63 

A D I 



[ ' ] 



A 

DISSERTATION 

O N 

COMMERCE. 



CHAP. I. 

Of the Nature^ Origin^ and Utility 
of Commerce. 

1. TF F we attend to the Import of the 
1 Word, and the original Nature of 
the Thing itfelf. Commerce is a 
mutual Agreement among Men concern- 
ing the Exchange of fuch Things, as be- 
ing neceffary for the Support of humaa 
Life, they are obliged to receive from one 
another, for the Relief of their refpedive 
B Neceffities, 



[ n 

Neceflitie?. And though Authors are di- 
vided with regard to it's Antiquity ; the 
Truth is, that it*s Origin ought to be 
traced as far back as the firft Foundation 
of Cities : When, by the fpecial Influence 
of Divine Providence, Mankind, from a 
Senfe of their Wants, agreed to enter into 
Societies, that they might be in a Condi- 
tion to give mutual Affiftanee to one ano- 
ther • particularly, that being united in fo- 
cial Life, they might v^ith greater Eafe 
provide themfelves with Food and Cloaths, 
cultivate the Ground, improve their Stocks 
of Cattle, and raife Houfes to dwell in. 
But afterwards, and in Procefs of Time, 
as they gradually advanced in Induftry, civil 
Policy, and the Improvement of Arts, 
Commerce rofe to fuch a Pitch of Grcat- 
nefs, that what at firft was folely intended 
•for the Relief of real Wants, became the 
Means of vaft Advantages, and a powerful 
Support to human Society: Nor was it 
only the Source of all the Riches that 
iiowtd into Kingdoms, but alfo the Bond 
of Peace and Union between thofe King- 
doms, 



L 3 ] 

doms, the Chain that united Nations, and 
even the whole Race of Mankind. This 
is a Truth to which Plutarch has givea 
a clear and full Atteftation in the Life of 
S&lon : " There was a Time, fays he, 
when Trade was in the higheft Repu- 
tation, for by it's Means barbarous Na- 
tions became familiar with one ano- 
ther, Kings were joined in the Bond of 
" Friendfhip, Arts invented and improved, 
and feveral Merchants became Founders 
" of great Cities." 

2. And therefore many antient Na- 
tions, fully convinced of the Ufefulnefs 
of Commerce, engaged in it with great 
Application. For without taking parti- 
cular Notice of the Tynans^ already fuffi- 
ciently known, and celebrated in Hiftory, 
and the Carthaginians^ originally a Colony 
of the former, whofe Power, raifed by 
Trade to a prodigious Pitch, ftruck fo great 
a Terror into the Romans, ^ not only the 
Egyptians^ among whom, according to the 
Teftimony of Di odor us Si cuius ^ Book I. 
Chap. 5, Pfammeticus was the firft that 
B a intra* 



- [ 4 ] 

introduced Commerce j but alfo the moft 
antient and famous Monarchies owed their 
Subfiftence wholly to Trade ; and this, 
and this only, was the Source of their 
Greatnefs and Splendor. But fetting afide 
the Commerce of the Antients, and the 
Means of it's Improvement, as quite fo- 
reign to my Purpofe, and more properly 
the Province of profeffed Scholars, let us 
come to the Hiftory of thofe Times that 
are nearer to our own, and fee what vaft 
Riches all Europe has obtained by Trade 
during thcfe latter Ages. And this nothing 
can better illuftrate, than the noted and 
famous Society of the Hanfe Towns^ which, 
for feveral Ages, continued united together 
in Traffic with fuch remarkable Succefs. 
For though that Confederacy had it's be- 
ginning within the Verge of one fingle 
City, yet afterwards extending it's Influ- 
ence every where, by the Strength of a 
great and difFufive Trade, it grew fo exten- 
fivc and powerful, that it became the Sup- 
port of the greateft 'Kingdoms^ From 
which we may alfo conceive, to what a 

Pitch 



[ 5 3 

Pitch of Greatnefs Commerce had reached 
even before Ckrijlopher Columbus difcovered 
America for the King of Spain ^ or the 
Portuguefe, after having, v^^ith inexprelS- 
ble Induftry, found Means to fail quite 
round the Coaft of Africa^ and almoft en- 
tirely excluded the Europeans from the 
Commerce they had carried on with the 
Eafi Indies^ by the Way of Egypt and 
the Red Sea, had opened for themfelves a 
new and fafe Way to a free Communica- 
tion with thofe Parts of the World, From 
all which it is very evident, that not only 
during one, or a few Ages, nor only in a 
few particular Kingdoms, but throughout 
the Records of all Mankind, in every 
Nation, in every Country and Kingdom^ 
Commerce has always been improved by 
Induftry, and proved the Means by which 
the moft celebrated and famous Monar- 
chies, as well as the moft renowned States 
and Republics, have been raifed to the 
bigheft Pitch of Greatnefs. 

3. But fince in treating of Trade, we 
ought fully to confider it's Nature, and all 

the 



[ 6 ] 

the EfFefls It may produce ; and It being 
alfo true, that, confidered in itfelf, it is 
not only capable to make Riches flow in 
any Kingdom, but alfo to reduce it to Po- 
verty y therefore it would feem neceflary, 
not only to lliew what Influence it has in 
producing Riches, but alfo by what Means 
it may occafion Effeds of a quite contrary 
Nature, 

4. That therefore we may proceed re- 
gularly, and with as much Clearnefs as 
poflible, it will be proper firfl of all to 
cbferve, that the Word Commerce may be 
taken two ways with refped to one and 
the fame Kingdom : Either as it fignifies 
the Exportation of thofe Commodities 
v/herewith that Kingdom trades, when 
they are fent in Kind for the Ufe of other 
Nations, which we fliall call the ABive 
Commerce of a Kingdom 5 or, on the other 
Hand, the Importation of thofe Commo- 
dities which Foreigners fend for the Ufe 
of that Kingdom, and this fliall be called 
PaJJive Coitimerce, And becaufe one Na- 
tion compared with another in Relation to 

Trade^ 



[7] 

Trade, may be, for Inftance, in fuch s 
State, that juft fo much, and no more, is 
imported into it, as is carried out by Ex- 
portation, in this State Trade may be faid 
to be in Equilibrio-, but when, on the con- 
trary, the Quantities exported and import- 
ed are unequal, this Inequality will fhew, 
whether the Balance of Trade is favoura- 
ble to that Nation, or againft it, Befides 
this, we ought to call to Mind/ that when 
that kind of Commerce, which at fir ft 
obtained among Mankind, by bartering or 
exchanging the Commodities themfelves in 
Kind, ceafed with the Invention of Mo- 
ney, this latter was introduced for no other 
End, but that it might be the Meafure of 
thofe Commodities which could not with- 
out Difficulty be exchanged in Kind, as 
fhall be obferved in it*s proper Place, 
when we come to treat of Money. 

5. Now then fince it is true, as we 
have obferved in the Beginning of this 
Chapter, that this Method of exchanging 
Commodities was firft inftituted among 
Men, only to fupply the refpedive Necef- 

fities 



[ 8 3 

fitles of Individuals ; but afterwards, when 
by the Invention of Money a Method was 
difcovered for fupplying every Want; 
therefore, when it fo happened that there 
were no Commodities to be given in Ex- 
change for other Commodities that were 
wanted, it became neceffary and ufual to 
fupply the Defeft with Money. Since 
then it follows from hence, that Plenty 
of Money, wherever it is found, implies 
an Abundance of thofe Things, whereof 
it is the Meafure and Standard ; therefore 
thofe Men with whom it abounds ar^ 
juftly called rich, as alfo thofe Kingdoms, 
wherein it is to be met with in great Plen- 
ty. On the other Hand, if we confider 
the State of a Kingdom, and the Money 
that is in it, conftantly retaining in our 
Thoughts the true Nature of Money, and 
remembring that it is nothing but the 
Meafure of Things, and the Price that is 
given in Exchange for Goods ; wherever 
we meet with great Plenty of it, every 
one muft immediately conclude, that this 
is an Evidence of a great Trade, and that 

large 



C 9 ] 

large Quantities of Goods have been ex-^ 
ported from that Place for the Ufe of 
Strangers 3 and in Oppofition to this> 
wherever we fee Money fcarce, we muft 
conclude, that great Quantities of Goods 
have been imported inflead of the Money, 
which by that Means was carried out of 
that Country. 

6. Though thefe Things are more than 
fufficiently evident in themfelves, and have 
no need of further lUuftration to thofe who 
confider them with the leaft Degree of Rea- 
fon or Attention ; yet as they are the prin- 
cipal Bafis of what we are to treat of 
more fully hereafter, and of the many 
Conclufions we are to draw concerning the 
EfFeds of Trade, I fliall profecute this 
Matter with Order and Regularity, and 
endeavour, by obvious Examples, to make 
it ftill more evident. 

7. It will not therefore be foreign to our 
Purpofe to obferve, that there is no King- 
dom that has not it's Capital, and other 
particular Cities of Note difperfed through 
it's Provinces, each of which is provided 

C with 



[ 10 i 

with great BalldingSj adorned with Houfes^ 
and enriched with Country-Seats and 
Farms. Now as it cannot be fappofed 
tiiat all thefe Improvements were made 
without Money, allow me to reafon in the 
following Manner, and to fuppofe that a 
Kingdom, without Mines of Gold or Silver, 
has been able by it's ABive Commerce to 
amafs fo much Gold and Silver, as is 
equivalent to all the Commodities, Houfes, 
and Farms it contains, and that by drawing 
a Barrier quite round it, all PaJJive Com- 
merce is entirely precluded ; in this Cafe, 
who can help feeing evidently, that the 
fame Quantity of Gold and Silver muft al- 
ways remain in the Kingdom ? But, on the 
contrary, if there is no Money found cir- 
culating, it muft infallibly be concluded^ 
that it has been carried off by Paffive 
Coinmerce. 

8. And feeing it is alfo true, that if we 
confider the State of any Kingdom or Com- 
monwealth whatever, the fame Judgment - 
may be form.ed concerning it; fince from 
the fame Antecedent the fame Confequence 

will 



[ " ] 

will follow ; therefore we mufl: of Necefli- 
ty conclude, that Commerce has a vafi: In- 
fluence upon a Kingdom, either to it's Ad^ 
vantage or Difadvantage j as . when it Is 
a^ive^ it muft produce a vafl Flow of 
Riches ) and v^hen pajfive, ejihaufl: the 
moft: immenfe Treafures. And what is 
faiJ concerning one Kingdom, may be faid 
alfo of other States, and of whole Nations, 
which, as Experience demonftrates, when 
they are fubjeded to 2ipaJJive Commerce^ 
muft of Neceffity labour under a great 
Want of Money, v/hiift it flows in great 
Plenty to thofe Nations, who, in Refpedt 
of the former, have the Advantage of an 
aBive Trade. 

9. And to fpeak the Truth, there is 
not the leaft Ground to doubt, but that 
this is the prefent Situation of all the King- 
doms of Europe^ with Refpedt to the Trade 
which they carry on with the Eaji Indies * ; 

C 2 and 

* What our Author lays down here, as an Introduc- 
tion to his other Remarks on the Trade of Europe to the 
Eaji'lndissy is fo plain, that none of the Advocates for 



[ 12 ] 

vand this for no other Reafon than what 
I have but juft now mentioned, as the 
moil grievoys Misfortune of a State ; I 

mean, 

that Branch of Commerce will pretend to difpute it with 
him ; on the contrary, they are all ready to own, that 
there are more Commodities imported from the Indies, 
than the Europeans export to them. Childj in his Book 
upon Trade f Chap. ix. page 172, intending to Ihew the 
great Advantages of the Eafi-India Trade, has this ex- 
prefs Conceffion, It will not be denied by the Honou- 
" rable Eaji India Company, that thpy import much 
** more Goods than they export, and that topurchafe the 
** fame, they carry out Quantities of Gold and Silver 
^' every Year, &r'<r." And nothing is more plain, than 
that whatever may be concluded, in this Refpefl, con- 
cerning the Englip Eaji-India Trade, may, with equal 
or better Reafon, be concluded in general of the Trade 
of Europe to thofe Parts. The fame ^Acknowledgment is 
made by Mr Gee : We fend, fayi he^ very great Quan- * 
** titles of Bullion thither, that is, to ^fia, as well as 
" fine Manufadlures of this Kingdom, which purchafe 
** there, at very low Prices, the Produdls and Manufac- 
tttfes of India and China, which are brought here in 
our own Navigation, out of which we fupply ouf- 
*' felves with Muillins, ^<r." Treatife on Trade^ p. 39, 
40. The like Acknowledgment we meet with in the 
Britijb Merchant, Vol. II. p. 127. And to mention no 
mor^, Moniefquieuy fpeaking of the Trade of Europe in 
general to thofe Parts, not only acknowledges this Truth, 



X3 ] 



mean, that iaimenfe Gulph of pajjive 
Commerce, in which they are involved 
by Means of the Commodities which the 



and Manufadtures,. and the niimberlefs Li- 
quors and Spices, the greateft Part whereof 
the Luxury and Pride of Men has raifed 

but alfo gives Reafons for it. We at prefent, fays he, 
" carry on the Trade of the Indies merely by Means of 
** the Silver we fend thither, which is exchanged for 
" Merchandifes, brought to the Wefi. Every Na- 
** tion, that ever traded to the Indies, has conftantly carr 
** ried Bullion, and brought Merchandifes in Retura* It 
** is Nature, itfelf. that produces the Effecl. Tlie In-r 

dians have their Arts adapted to their Manner of liv- 
*' ing. Oar Luxury cannot be theirs, nor their Wants 
** ours« Their Climate hardly either demands, or perr 
** mits any Thing which comes from ours. They gp. 
" in a great Meafare naked ; fuch Cloaths, as they have, 
" the Country itfelf furnifhes ; and their P.eligion, which. 
** is deeply rooted, gives them an Averfion for thofe 
** Things, which ferve for our Nourifhment. They want 

therefore nothing, but our Bullion,, to ferve as tha 
" Medium of Value ; and for which they give us, in 
" Return, Merchandifes, with which the Frugality of 

the People, and the Nature of the Country, furnifh 
" them in great Abundance.'* Spirit of La^s, B. XX. 




ch. I. 



C 14 3 

to high Prices, render that Trade fo ex- 
orbitant, that the great Advantage which 
the Kingdoms of Europe receive from 
the Weft-Indies. and the great Quantities 

of 

* Montefquieu tells us, " The Trade of the Romans 
" to the Indies was very confiderable. Strabo, (Lib. II.) 
** was informed in Egypt y that they employed a hundred 
" and twenty VefTels in it : It will admit of a Queftion, 
*• adds he, whether this Tfade was of any Advantage 
** to that People. They were obliged to export their 
** Bullion thither, though they had not, like us, the 
** Refource of America, which fupplies what we fend 
** away. I am perfuaded, that one of the Reafons of 
** their increafmg the Value of their Species, by efta- 
•* bliftiing bafe Coin, was the Scarcity of Silver, owing 
** to the continual Exportation of it to the Indies ; and 
** granting what Pliny fays (Lib. VI. c. 23.) to be true, 
** that the India Goods were fold at Rome, at the Rate of 
** Ten Thoufand per Cent, this Profit being obtained 
** from the Romans themfelves, could not enrich their 
« Empire." Spirit ofLanvs, B. XXI. c. 12. The fame 
Author alfo tells us from Pliny, (Lib. VI. cap. 23.) 
** That the Romans carried annually to the Indies fifty 
** Millions of Sefterces, or Z. 403,645 : 16 : 8," Spirit 
of Lanvs, B. XXI. c. I. If we may depend upon thefe 
Accounts, we need not wonder that fuch a conftant Drain 
fhould occafion a great Scarcity of Money among the Ro- 
mans J and if fo much Silver was carried to the Eaji- Indies, 
when there was fo little Money in Europe^ in Refpedt of 

what 



[ -s ] 

of Gold and Silver, and other ufeful 
Things which are brought from thence, 
are not fufficient to compenfate the Lofs 

that 

what there is now, and Luxury was far from being fo uni- 
verfal as it is in this prefent Age, how immenfe mufl the 
Sums be, which are at this time carried from all Ettrope into 
thofe Parts ; but I am far from thinking, that this is a pro- 
per Way to eftimate the Expenceof the EaJl-IndiaTx?At^ 
or the Treafures it draws out of Europe. Thofe that 
have any Curioiity of this Kind, may eafily find, at an 
Average, the Number of Ships that trade yearly from 
Europe to thofe Parts i nor is it difficult for fuch as 
are acquainted with thofe Matters, to form a reafo- 
nable Conjeflure, at a Medium, of the Quantity of Bul- 
lion, which thofe Ships, taken one with another, carry 
out with them, and thereby to arrive at a tolerable No- 
tion of the whole Amount of th« Treafures which go an- 
nually to thofe Countries ; and if our Author had taken 
this Method, it is probable, he would not have fo haftily 
concluded, that this Trade confumes more Money, thaa 
is imported into Europe from the Weft-Indies, For though 
the Quantity of Treafure, which comes every Year from 
the New World, cannot be more exadly afcertained, than 
the Sums which are exported to the Eaft, yet there is 
good Reafon to think the former confiderably exceeds the 
latter. Uztari^, in his Book of the Theory and Prailice 
of the Trade of Spain^ tells us. That from the Yea? 
1492, when the Indies were difcovsred, to 1724, the 

Gold 



[ i6 3 

that is fuftained by that exceffively ck^ 
penfive Trade 5 but even the many Com- 
modities, which come from the Eaji-lndies 

Gold and Silver brought into Spain, at a Computation 
much too low, amounted to above five thoufand Millions 
of Dollars, which, one Year with another, is more than 
twenty-one Millions and a half, or more than five Millions 
Sterling /(f-r Ann. But the Money that comes into Europe 
from the Spanijb Wefl-lndies, comes not altogether by Old 
Spain ; for the fame Author, Ibid. r. 29. quotes a Trea- 
tife, wrote by an Englijh Minifter, about the Year 1704, 
which fays. That the Returns of the illicite Trade, which 
the Englijh carried on with the Spanijh Dominions in 
America^ by the Way of Jamaica, were ufually made in 
Bullion, Dying- woods. Cochineal, ^c. and the Gains a- 
mounted to fix Millions of Dollars yearly ; and that they 
drew more Money from the Spaniards by Way of Ja- 
maica, than by Cadi^. The fame Author fays, c. 32. 
That the Dutch introduce vaft Quantities of Goods into 
the Spanijh Weji-Indies, bythe Way of Cura^oa and Suri- 
nam for which they have Gold and Silver in Return. The 
Britijh Merchant alfo acquaints us, that the Returns, 
which the Ifland of Jamaica received annually, before 
the Eftablifhment of the South-Sea Company, in Ex- 
change for Negroes and other Merchandifes, were 200 
or 300,000/. And to fay no more upon this Subjedl, the 
Portugueje in Brajtl have difcovered Mines of Gold fo 
rich, that the Remittances from them to Europe are very 
confiderable. 

to 



[ 17 3 

to this Quarter of the World, and thofe 
inexpreffibly vaft Sums of Money, be« , 
fides fome few Sorts of European Com- 
modities, which are exhaufted by the 
Importation of thofe EaJl^Indian Goods, 
give juft Ground to make it a Queftion, 
whether the Money that is brought to 
us from the Weft-Indies^ is more confidera- 
ble than that which we export to the Eaft, 
ID. And though the Refolution of 
this Problem does not belong to this Place, 
nor to our prefent Purpofe \ yet to make it 
ftill more evident, and obvious to every 
Capacity, what a vaft Effedl Commerce 
produces, either for or againft a Nation, 
I will venture to affirm, that fuch is the 
Influence of that Trade to the Eaji-Indies^ 
which we have juft now mentioned, that it 
is capable of exhaufting entirely all the Do- 
minions of Europe^ and in a confiderable 
Trad of Time of reducing thofe Nations 
that carry it on, and are conftantly en- 
gaged in it, with more than ordinary 
Keennefs and Anxiety, to fuch a defperate 
State, that after they have ftripped the 
P Domi- 



[i8] 

Dominions of Europe^ they will have no 
Money left to give thofe eaftern Nations 
in Return, for the vaft Quantities of Goods 
they import from thence 

II. Though 

* If, as our Author afferts, the Money exported to 
the Eaft^ exceeds the Treafures imported into Europe 
annually from the W efi -Indies ^ fo far, that in Time the 
Eafi-Indian Trade mull: exhauft all the European Wealth, 
one would think, that this muft be, before this Time, 
perceived, by a fenfible Decay of Money in Europe ; but 
fo far is this Decay from being felt, that the contrary is 
generally believed. To clear this a little, I fhall lay be- 
fore il.e Reader a Paffage from Mont ef qui eu^ s Spirit of 
Laivsy Book XXI. c. 18. ** However, fays he, it was 

not long, that is, after the Conqueft of Mexico and 
" PerUy before the Species of Europe was doubled j this 

appeared, from the Price of Commodities, which every 
" where was doubled, as the Specie of Europe doubled, 
*' the Profit of Spain diminifhed in the fame Proportion, 
" and they had every Year the fame Qaantity of Metals, 
** which v/as become by one half lefs precious ; in dou- 
** ble the Time the Specie flill doubled, and the Profit 

" ftill diminilhed another halfv If we proceed, thus 

" doubling and doubling, we fhall find in this Progreffion* 
" the Caufeand Impotency of the V/ealth of Spain. It 
** is about two hundred Years fince they worked their 
*' Indian Mines ; and I fuppofe the Quantity of Specie 
«* at prefent in the tradi'/g World, is to that before the 
'* Difcovery of the Indies, as 3 2 'to i, that is, it has 

been 



[ 19 ] 

II. Though we have only mentioned 
thefe Things, as it were by the by, yet they 
are fufficient to £hew, that thefe impor- 
tant Effeds of Trade are founded upon 
the Principles, which we have fuppofed 
to be the Bafis of it's firft Inftitution 
among Men ; but after the Introdudlion of 
Money as a proper Price to be given in re- 
turn for Goods, Commerce being no longer 
confined within the narrow Sphere of re- 
lieving natural and neceflary Wants, ex- 
tends itfelf every way by the Strength of 

** been doubled five Times ; in 200 Years more/the fame 
** Quantity will be to that before the Difcovery, as 64 
to I, that is, it will be doubled once more, b'f." 
But whether Money has increafed at fo great a Rate, or 
been fo often doubled within thefe laft 200 Years, as this 
Author pretends, is not material ; it is fufficient for the 
prefent Purpofe, that it has increafed very fenfibly fmce 
the Eaji'lndia Trade was fet on foot, and carried to 
it's prefent Pitch of Greatnefs, which feems very e\'ident 
from the Increafe of the Price of Pood, Labour, and the 
common Produdlions of the Earth, all over Europe ; and 
if fo; the Eaji-India Trade has not drawn more Money 
to the Eajl-Indies, than has been imported intp Europe 
from the^^, nor is it like to do fo, while Things con- 
tinue on the prefent Footing. 

D 2 , it's 



[ 20 ] 

it's natural Adivity ; and paffing over vaft 
Spaces of Sea, and immenfe Trafts of 
Land, tranfports prodigious Quantities 
of Riches from one Place to another j 
and in Proportion as this or that Kingdom^ 
or this or the other Nation is more or lefs 
difpofed to Trade and Induftry, it is 
hardly credible how much Riches flow 
in upon them, at the Expence of thofe 
States, that do not oppofe the Courfe of 
their Trade. But that we may the better 
underftand the Reafon why Riches thus 
remove from one Place to another, and 
difcover the various EfFedls of Commerce, 
according to it's various Circumftances, it 
will be neceflfary to enquire a little farther 
into the Nature of Money, and of Ex- 
change, aiid the Proportion between Gold 
and Silver, according to our original Plan j 
therefore having premifed thefe Confide- 
rations, it is Time to proceed to a more 
particular Enquiry into the Nature of 



CP AP, 



[ ] 



CHAP. II. 

Of the Nature and Origin of 
M o N E y. 

i. T N Confequence of what we have 
I advanced in the preceding Chapter, 
with Relation to Commerce, it is more 
than evident, that Money is nothing, but 
a certain determinate Meafure of fuch 
Things as can be bartered or fold, in- 
dented to fapply the Place of any affignable 
Quantity of a Commodity, when that can- 
not be exchanged in Kind. And though 
the Invention of it has, by different Au- 
thors, been afcribed to feveral different 
Nations , different Inventors , different 
Times of very antient Date, and by 
fome carried fo far back as the Days of 
Abraham ; yet as we have often declared, 
that it is not our Intention to dip into fuch 
Queflions, we leave that Point, as we found 
it^ undecided. But tp proceed to what is 

inore 



[ 22 ] 

more for our Purpofe, it is necefiary to 
refume in this Place, what I obferved con- 
cerning the Nature and Origin of Com- 
merce, where I took Notice, that in 
the mod early Ages, when Trade was 
carried on, as there was no Money, 
Men ufcd to barter one Commodity for 
another, a Cuflom that ftill obtains 
among the favage, unpolifhed Nations of 
Chili on the South- Sea ^ in the Land of 
yejjo in the Eajl- Indies, and other barba- 
rous Countries. But, as fuch a Method 
of bartering Commodities was, on many 
Occafions, attended with great Difficulty, 
and always inconvenient. Men agreed to 
make Choice of one Commodity, which 
being in general and conftant Efleem, an 
equivalent Quantity of it might always 
remove the Difficulty of bartering in 
Kind. 

The fame Opinion concerning the Ori- 
gin of Money, we find expreffed very 
much to our Purpofe, in the firft Book of 
Ariftotle's Politicks, a. VI. Asallufe- 

ful Things, fap he^ could not, without 

" great 



, [ 23 ] 

" great Difficulty, be tranfported from 
" Place to Place, it was refolved, by 
common Confent, that in bartering 
Commodities, they (hould reciprocally 
*^ give and receive fome Subflance, which 
" being in it's Nature applicable to the 
Purpofes of Life, might, at the fame 
" Time, be eafily carried about." From 
which Words of Arijlotle it is very 
plain, that the Introdudion of Money 
was owing to the Difficulty of bartering, 
as human Society could not fubfifl: 
without the Exchange of Neceffaries, 
nor could this Matter be managed with- 
out the Ufe of Money 

* The Athenians^ not having at firft the Ufe of 
Metals,' made ufe of Oxen, as the Meafure and Stand- 
ard of Trade, and the Romans of Sheep, for the fame 
Purpofe ; but this was extreamly inconvenient, feeing 
one Ox is not the fame]as another, in the manner that two 
Pieces of Metal may be the fame. Herodotus^ Lib. i. 
tells us, The Lydians were the firft, who, for the Faci- 
lity and Convenience of Commerce, coined Money of 
Gold and Silver, and the Greeks learned it of thera. 
The Athenian Coin had the ImpreHion of their antient 
Ox. One of thefe Pieces is to be feen in the Earl of 
Pembrckx'i Colledlion. Spirit of Laivs, B, XXII. c. 2. 

2, To 



[ 24 ] 

2. To determine therefore this Sabftancei 
that {hould be in univerfal and conftant 
Efteem, they made Choice of Gold and 
Silver, not only becaufe they were more 
valuable than other Metals, but alfo be- 
caufe, in the various Ufes to vehich they 
might be applied, they were particularly 
adapted to the Support and Improvement 
of human Life. But becaufe there was 
a confiderable Difference in the Nature 
of thefe two Metals, and Gold was more 
precious than Silver, both by it*s intrinfic 
Worth, and greater Scarcity, and alfo 
far exceeded the other in the Expence 
that was necelfary for working it, as ap- 
pears by the Tax that is paid to the Sove- 
reign Lords of Mines, who require no 
more than five in the Hundred of Gdd, 
whereas they exadl twenty in the Hundred 
of Silver 3 therefore, a greater Value was 
afcribed to Gold. And becaufe the bafer 
Metal ought to be given in greater Mea- 
fure, that what was wanting in Value, 
might be made up in Qoantity ; for 
this Purpofe it was neceflary to fix the 

Proportion 



[ 25 ] 

Proportion between them, by a certain 
determinate Rule : Whence it is, that in 
the Pradlice of Commerce, though for- 
merly the Proportion of Gold to Silver was 
fettled as ten to one, yet at prefent the 
matter is fo regulated, almoft over all 
Europe^ that one Ounce of Gold is reckon- 
ed equal in Value to fifteen of Silver, or 
thereabout, as we fhall obferve here- 
after, when we come to take a more 
particular View of the Proportion between 
thofe two Metals, and it's EfFeds. 

5. Now when this Subftance was agreed 
upon at firft, as we have obferved, the par- 
ticular Quantities of it were originally de- 
termined by their Bulk and Weight only, 
but afterwards to fave the Trouble of prov- 
ing this Weight upon every Occaiion, it 
was coined into a certain Form by public 
Authority, and impreffed with a Mark 
of Diftindion, expreffing the Quantity 
each Piece contained, fo that it fhould 
always have the fame determinate Value, 
and be every where the fame both for 
Matter and Weight. But now in or- 

E der 



[ 26 ] 

der to inquire more particularly into the 
Nature of Money and the better to il- 
iuftrate what we have further to offer, 
concerning the Effects it produces in 
Trade, and the various Advantages and 
Difadvantages of one Kingdom in refped: 
of another, arifing from Money 5 it mull 
be confidered, that we are to diftinguifli 
two Sorts of Value in Money 5 the one in- 
trinfical, confiding of the Matter itfelf, 
i;*s Weight and Quantity > the other ex- 
trinfical, founded in the Rate or Value, 
according to which it ufes to pafs. And 
though in different Places, on feveral pref- 
ling Occafions, the extrinfical Value of 
Money may be raifed higher, at the Dif- 
cretion of the fupreme Power; fuch is the 
Nature of Commerce, that in it Money is 
never eftimated but at it's intriniic Value ; 
fo that in the Courfe of Trade, Money can 
have no higher Value than a Mafs of the 
fame Metal and Quantity would have, if 
given in Barter for any fort of Goods. V/e 
muft alio obferve further, that fuch is 
the Cuftom of well-regulated Kingdoms, 

that: 



L 27 ] 

that when foreign Money is fuffered, to pafs 
current therein, fo much is deducted from 
the extrinfecal Value, as is neceffdry for de- 
fraying the Charge of Coining, and it 
never paffes for more than it's intrin- 
fical Value. And the Intention of this 
Regulation is, that the Money of the 
State itfelf, which bears the Stamp and 
Authority of the Prince, may always have 
the Preference. From all which Confi- 
derations it is extreamly plain, that it is a 
Matter of the utmoft Confcquence, that 
the Syftem of Money be fettled under 
fuch fixed Regulations, as that it may 
conftantly keep pace with the Courfe of 
Trade, and never, in the lead, deviate 
therefrom ; it being certain, that no Va- 
riation can ever happen in this refped:, 
but it will, at the fame Time, produce a 
remarkable Alteration in Commerce. 

4. After all, however certain it may feem 
that Money is that which alone confti- 
tutes the Riches of a Nation, and it can- 
not be denied, that confidered in itfelf it 
has this Prerogative ; neverthelefs it will 
E 2 never 



C 28 ] 

never difcover it*s EfFefts, if it is not 
put in Motion by Commerce ^ fo that as 
the Body of a Planet being in itfelf opake, 
would never difcover to us it's Form and 
Figure, if (according to that Hypothefis) 
it did not revolve round the Sun, whofe 
Light prefents it to our View, we muft 
form the very fame Judgment concerning 
Money, which, it is certain, has in itfelf 
no Power at all to increafe and multi- 
ply, and thereby to form the Riches of 
a Kingdom, or even, on the contrary, to 
reduce it to Poverty 5 for, if a profperous 
or unfavourable Motion were not commu- 
nicated thereto by Commerce, we fhould 
never be fenfible of it's EfFeds. And be- 
caufe we can no other wife arrive at a clear 
and diftinft Knowledge of thefe EfFeds, 
but by a fixed and certain Rule, which can 
fhew with accurate Exadnefs the Situation 
of any Kingdom, with Regard to it's inter- 
nal and external Commerce, that is, whe- 
ther the Balance of Trade fiands in Equi- 
lihripy or is inclined to either Side^ 
Therefore^ fteing there is not a more in- 
fallible 



[ 29 ] 

fallible Rule, by which this Knowledge 
can be attained, than the Courfe of Ex- 
change, let us now proceed to fhew, how 
this Courfe of Exchange difcovers the 
State of a Kingdom, with Regard to 
Trade, 




CHAP. 



[ 30 ] 



CHAR IIL 
Of Exchange. 

I. rY~AHOUGH, to the greater 
A Part of Mankind this may 
fsem to be a metaphyfical Word, and not 
proper to exprefs any thing that has true 
and real Exiftence ; yet if we refledl with 
proper Attention on what has been fug- 
gefted, we lliall be fully convinced that 
Commerce is that which gives Exchange 
it*s Being, and that this Exiftence is not 
imaginary, but real and pradical. And to 
fet this Matter in full Light, we muft lirft 
of all lay it down as a Definition, that by 
the Word Exchange, nothing elfe is 
meant but the Price of foreign Money, 
Now, lince this Price derives it's Mo- 
tion from Commerce only, as we have 
already obferved, hence it is, that it is in 
it's own Nature fuited and adapted to the 
Difcovery of the true State of one King- 
dom in Comparifon of another, with Re- 

fped: 



[ 31 ] 

fpeft to Trade. And, to fay the Truth, 
if Money, as I have once and again af- 
ferted, is nothing elfe but a Meafure invent- 
ed to determine the Proportions of fuch 
Things v^ithin a Kingdom, as come within 
the Reach of Commerce ; Exchange is 
that, which intrinfically difcovers whether 
the Trade of that Kingdom with Fo- 
reigners Hands on equal Terms, or whe- 
ther the Balance is againft it, or on the 
favourable Side. 

2. And that this may be the better un- 
derflood, it is proper to keep clofe to the 
Maxim, that this Exchange had it's Rife 
from no other Source but the Inven- 
tion of Money. Now fince it is alfo un- 
queftionably true, that the fole Intention 
of the Introduction of Money was, that 
it might be employed as a Compenfation 
for thofe Commodities, that could not be 
compenfated by other fpecies of Commo- 
dities i it follows, that wherever fuch Com- 
modities cannot be produced in Kind, to 
compenfate others that are wanted. Mo- 
ney is, by the very Nature of Commerce, 

put 



C 32 ] 

put in Motion ; and as th is Motion impels 
the Money from the Side, on which Com- 
modities are wanting in Kind, to be given 
in Compenfation of others, to that Side 
upon which fuch Commodities abound 5 
fo from the Want or Scarcity of Money, 
foreign Money rifes in it's Price, and if 
on either Side this Price rifes above, or 
falls below Par, it becomes a Kind of 
Balance, by Means whereof it may be 
immediately difcovered, whether the Im- 
pulfe is the EjfFedl of a beneficial, or 
lofing Commerce. Since then when 
Money is to be procured in foreign 
Countries, the Price of Exchange rifes 
or falls refpedively, according as the Ex- 
portation of Money is greater or lefferj 
and this Exportation of Money is greater 
or leffer, according as the Quantity of Com- 
modities given in Compenfation is lefler 
or greater 5 who fees not that the Paffive 
Commerce of a Kingdom is greater than 
the Adtive, when to procure foreign Mo- 
ney in another Kingdom, to pay for 

Goods 



C 33 ] 

Goods purchafed there, it fubmlts to a 
very high Exchange. 
-3. Moreover, that by Means qf Ex^ 
change alone we can have a juft View 
of Kingdoms, in the Light which we 
have jaft now mentioned, may be illuftra- 
ted by an obvious Example, for the more 
thorough Convidion of every Underftand- 
ing. Let us then fuppofe a Kingdom that 
has contraded a Debt to Foreigners, but 
that it has, at the fame time, fuch a plen« 
tiful Crop of Corn, as is not only fuffici- 
ent for it's own Support, but may afford 
a confiderable Supply to foreign Countries ; 
that as to Manufadures it is almoft entirely 
unprovided ; fo that all the Money it 
can acquire by the Exportation of Corn, 
will not be equivalent to that which 
Foreigners muft draw out of it, on Ac- 
count of the abovementioned Debts, and 
it*s Want of Manufadures. Let us far- 
ther fuppofe, that this fame Kingdom, 
befides it*s Corn, has alfo fome particular 
Sorts of Commodities, which are ex- 
ported fometimes in greater, and fome- 
F times 



C 34 ] 

times 5n fmaller Qaantities ; if then, In 
fuch a State of Affairs, one fhould dcfire a 
precife Calculation of the exadt Value of 
the Aftive Commerce of this Kingdom, 
when compared with it's Paffive Com- 
merce, fo as to have the Balance in Mo- 
ney, it would be impoffible to folve the 
Problem, but by the Courfe of Exchange. 

4. And indeed, if at any Time the 
Aftive Commerce of a Kingdom is greater 
than it's Paffive, in that Event it may well 
be concluded, from the extraordinary Quan- 
tity of Money obferved in Circulation, that 
Trade is in a flourifliing Condition ; as, on 
the other hand, when the Paffive Commerce 
is greater than the Adive, the contrary 
may be concluded from the remarkable 
Penury of Money that will be vifible ^ but 
the precife State of the Affair cannot be 
had, as it may by the Courfe of Exchange, 
when all the great and fmall Branches of 
Commerce are reduced, as it were, to 
their proper Center, and valued at their 
refpedive Rates, by the Courfe of Ex- 
change, which weighs them internally as 

in 



[ 35 ] 

in a Balance, and thereby difcovers the true 
State of that Kingdom, with Refpedl to fo- 
reign Trade. For when Commerce ftands 
even, or is in Equilibrioy the Exchange 
will be at Par ; or, which is the fame 
Thing, the Price of Exchange will be equal 
to the intrinfical Value of the Money 3 if 
the Balance of Trade is againft the fup- 
pofed Kingdom, the Price of Exchange will 
be above P^r, or rife above the real Value 
of the Money ; and, finally, if the Ba- 
lance be on the favourable Side, the Price 
of Exchange will then be below P^r, or 
fall fliort of the real Value. From all 
which we may with the greateft Juftice 
conclude, that in the firft of thofe Events, 
that is, when Trade is in EquilibriOy the 
Money continues in the Kingdom 5 in the 
fecond, when, inftead of this Equilibrium^ 
the Balance is on the contrary Side, the 
Money goes into the PolTeffion of Fo- 
reigners J and, if the third Suppofition 
takes Place, and the Balance is on the fa- 
vourable Side, the Money not only cont}- 
F 2 nue§ 



[ 36 ] 

nues in the Kingdom, but alfo Increafes 
greatly. 

5. Left any one (hould poffibly fufpe6l 
that this Exchange, becaufe it has not an 
Exiftence of the fame Kind with that of 
ether material Things, cannot therefore 
be the Means of conveying fo much 
Knowledge, that is, that it cannot difcover 
the State of one Kingdom as to Trade, in 
Relation to that of another, nor (hew when 
Trade is in an equal Pofition ; or if the 
Equilibrhim is difturbed, whether the Bal- 
lance is on the favourable or contrary 
Side 5 give me Leave to illuftrate the 
Matter by the Example of a Pilot, who 
finding himfelf in the Midft of the Sea, 
can by no Means difcover the Place where 
he is, but by the Help of fome mathema- 
tical Inftrument and though the Pole, 
and the Equinodial Line, by which he 
regulates his Obfervation, have no fort of 
Exiftence, but vvhat they owe to our Ima- 
gination, they are neverthelefs the Means 
of leading him to a certain Knowledge of 

the 



C 37 ] 

the Politlon of his Ship, in P^efpeft of it's 
real and pofitive Diftance from true and 
known Shores : And in like manner, the* 
it is the Eye that makes the Obfervation, 
yet the Truth of this Obfervation cannot 
be afcertained but by Means of the In- 
ftrument, nor even this effect it, if it be 
not directed and, regulated by 'the imagi- 
nary Equinodial and Pole. Now what 
this imaginary Circle and it's Pole are to 
the Inftrument, that precifely is Exchange 
with Refpedl to Money. For tho' the for- 
mer of thefe two has only an ideal, while 
the latter has a phyfical Exiftence, yet this 
latter, of itfelf, is not fuch an accurate or 
expeditious Means of communicating 
Knowledge, as when applied to theTouch- 
ftone of Exchange, which, by it's Adivity, 
penetrates^as it were, into the Subftance and 
Nature of Commerce, and effeftually de- 
nionRrates what that is. From which we 
may conclude with great Security, that 
Money and the Rate of Exchange are the 
two principal Inftruments of Trade ; the 
one whereof, that is Money, is the Meafure 

of 



[ 38 ] 

of Commerce; the other, to wit, Ex- 
change, determines the Value of Money, 
and thereby difcovers the State of Com- 
merce ; and both together fhew, in a 
very clear Light, a Series of EfFefts that 
could not poflibly be difcovered by Calcu- 
tion, and give fufficient Evidence that the 
one of them derives it's Being and Ex- 
iftence from the other, and that both to- 
gether depend entirely upon Commerce, 




CHAR 



C 39 ] 



CHAP. IV. 

Of the Equality and Inequality he- 
tweed Gold and Silver. 

I. /Tp HOUGH in that Chapter, in 
JL which we treated particularly of 
Money, we have already fhewn, what is 
meant by the Proportion between Gold 
and Silver, and in what manner that was 
fettled at it's firft Inftitution : Yet after 
all, becaufe it is a Matter of the greateft 
Confequence to Trade, and, when it is 
not exadly obferved, may bring a King- 
dom into the greateft Diftrefs ^ therefore 
it is neceffary to treat this Sabjedl at 
greater Length, and at the fame Time 
take Notice of the particular Cafes, in 
which the Alteration of this Proportion 
cannot fail to produce fome very remar- 
kable Effeds. To trace then this Matter 
a little farther back, when Gold and Sil- 
ver afTumed the Character and Form of 

MoneVy 



C 40 ] 

Money, both thefe Metals had affixed to 
them a diftindl and determinate Value : 
And though in former Ages, the Propor- 
tion between Gold and Silver was fo fet- 
tled, that every Ounce of Gold was nearly 
equivalent to twelve Ounces of Silver j yet 
afterwards, when America was difcovered. 
Gold quickly came to be in fo great Ef- 
teem, that the Ounce was reckoned nearly 
equal in Value to fifteen Ounces of Silver. 
This, we muft certainly be convinced, 
could be owing to nothing, but that the 
Silver Mines at that Time yielded great 
Qoantities of Ore. But as this Regula- 
tion was founded merely on the greater 
or leffer Scarcity of one of thefe two 
Metals, the prefent Proportion of one 
Ounce to fifteen, does not feem al- 
together fo well adjufted, as might be 
wifhed. Becaufe, confidering the prefent 
Scarcity of Silver, which is owing to the 
vaft Sums of that Coin that are carried to 
the Eaji-Lidies, the prevailing Cuftom, 
lately introduced, of working fuch gre^t 
Quantities of Silver into Plate, and to the 

failing 



C 41 ] 

failing of the Mines, which do not yield it 
now in fuch Plenty as they did at firft, 
the Price of Gold feems to be raifed too 
high 3 and it were certainly much to be 
wifhed that, if poffible, it might gradually 
be brought back to it's juft Proportion. 

2. And becaufe the Equality between 
Gold and Silver being once exadly ad- 
jufted, according to this Proportion, all 
ether inferior Sorts of Money, reduced to 
the fame Standard, would be fubjedled to 
the fame Rulej therefore, by bringing 
down the Price of Gold, from the Rate at 
which it ftandsat prefent, to it's juft com- 
parative Value, many Mifchiefs and Incon- 
veniencies would be avoided. For it is 
moft evident, that it is not poffible to neg« 
ledt this Proportion, but the certain and 
fudden Lofs of the one or the other of the . 
two fpecies will be the Confequence ; fince 
it is plain, that either of them being raifed 
in it's extrinfical Value, the other will be 
converted into Plate, or carried out of the 
Kingdom. But before we come to ex- 
plain all the particular Effeds, which pro* 
G ceed 



[ 42 ] 

ceed from the Want of this Proportion' ^ 
it will not be improper to attempt the 
Confutation of a certain Opinion, which 
may be faid to be grown inveterate in al- 
moft all Countries. Now this Opinion be- 
ing, in Subflanee, contained in the. follow- 
ing Affertioli, to wit, That in regulating 
the current Value of Money among our 
Selves, we ought to have our Eyes fixed 
upon the Pradice of our Neighbours j 
this is a Miftake of fuch a capital Na- 
ture, that it is of the utmoft Confequenee 
that it be entirely rafed out of the Mind. 
And though fome endeavour to eftablifh 
this Error, by the Similitude of a Ri- 
ver, which, when raifed above it's Banks 
by the addiiional Water of a great Land- 
flood, overflows two States, and thereby 
obliges that which lies on the lower 
Ground, for it*s own Security, to keep a 
watchful Eye over that which lies higher, 
and on the Banks of the fame River j 
it may be readily anfwered, That this Si- 
militude has no Relation to our prefent 
Purpofe 3 and that, fetting afide the Cafe 

of 



[ 43 ] 

©f which we took Notice in the Begin-^ 
ning of this Chapter, wherein it would 
be the Intereft of all Europe to alter the 
Proportion that now obtains between the 
two Metals, that are the principal Mate- 
rials of Money, in all other particular 
Circumftances no Variation ought to be 
admitted therein. And in fadl, it is very 
eafy to demonftrate, that in regulating the 
current Value of the Coin of a Kingdom, 
it is of no Moment or Ufe to mind the 
Condud: of neighbouring States. 

3. For if, for Example's fake, we fup- 
pofe a Kingdom, in which the Values of 
the Metals are fo adjufted, that, according 
to the common Syftem of Kingdoms, the 
Gold and Silver are rated in a due Propor- 
tion to each other ; and that with Refpe^l: 
to Commerce it is alfo upon an equal 
Footing with foreign Countries : If, I fay, 
Matters are thus difpofed within the King- 
dom, I do not fee what Reafon it can 
have to apprehend any Difadvantage or 
Danger of any from it's Neighbours. On 
the contrary, if the Circumftances of a 
G 2 neigh- 



[ 44 ] 

neighbouring State, in Confequence of 
having it's Syftem of Money regulated by 
a wrong Proportion, could have any In- 
fluence on this Kingdom, it muft certainly 
be to it's Advantage rather than it's Lofs. 
And indeed, if we fuppofe, that in a 
neighbouring Principality the Syflem of 
Money is, for Example, fo regulated, that 
either of the two Species, whether it be 
the Gold, or the Silver, is rated too high 
in Refped of the other ; from this Situa- 
tion of Things it will undoubtedly follow, 
that the Species, which is eflimated below 
the jaft Proportion, will remove out of 
this Principality, and be carried in great 
Quantities into the neighbouring King- 
dom, in Lieu of the Species that will go 
into the former, as the Price of the Money 
that has the greatefl intrinfic Value. To 
make this Matter ftill more intelligible by 
an Inftance, let us fuppofe, that in any 
Place the Money-Syftem is fo conftituted, 
that Gold is eftimated at a lower Rate in 
refpedl of Silver, than thejuft and exad: 
Proportion between thefe Metals doth 

adrnit 



[ 45 ] 

admit, in this Cafe the Gold will go out 
of that Country, and at the fame Time 
that it moves into another, and draws the 
Silver-Money from thence, it will carry 
into the latter a Profit equal to the Dif- 
ference between the Price the Gold is rated 
at in the former, and it's true intrinfic Va« 
lue. And if the Kingdom, that receives 
this great Advantage, be alfo fuppofed to 
adopt the ufual Pradice of efiimating fo- 
reign Money, at no more than the fimple 
Price of Gold or Silver in Bullion, as the 
Rules of a well-regulated Mint require, 
and, as we have hinted already in treating 
of Money, it will alfo gain an additional 
Profit from the Metal itfelf fo imported. 
But whereas, at the fame Time that thig 
Kingdom reaps fo much Profit, it will be 
expofed to one particula Inconvenience, to 
wit, that while it abounds with Gold, it 
will in fome meafure labour under a Scar- 
city of Silver it will be no difficult Mat- 
ter to remedy any Difadvantage, that by 
this Means may be occafioned to Trade : 
For by bringing down the foreign Gold in 

this 



[ 46 ] 

this fame Kingdom to the Proportion which 
prevails in the neighbouring States, the 
End will be attained. 

4. But becaufe this Affair of Money 
is, as we have often obferved, a Matter 
of fuch Importance, that it ought not to 
be paffed over in a fuperficial Manner, 
but be examined with full and thorough 
Confideration, before we proceed to other 
Things relating to the Necefiity of a Pro- 
portion in Commerce J therefore it wil^ 
^ be proper to make fome Obfervations on 
, / that laudable Cuitom, whereby, to keep 
the Money of a Kingdom within itfelf, 
it has been wifely ordered, and this Or- 
der enforced by Laws, which it were to be 
wiihed, every Subjeft would religioufly ob- 
ferve, that no Money be carried out of the 
Kingdom, And becaufe, in this Diflerta- 
tion, it is my Intention to lay down, with 
great Candor and Sincerity, what may be 
of the greateft Ufe to promote Commerce 
and good Oeconomy in States and King- 
doms, I muft fay, yet without, the leaft 
Defign to offend againft the Refpecl and 

Reve- 



t 47 ] 

Reverence that is due to the Regulations of 
thofe that are at the Hehn of Affairs in 
States and Republics, that this Prohibition, 
if other prudent Meafures, proper to pro- 
mote the End, be not employed, will not 
prove a very effedual Remedy. 

5. And feeing the Defign is to prevent 
the Exportation of Money, another Me- 
thod, in my Opinion, ought to be pur- 
fued, and that is, rather to have Recourfe 
to fuch Expedients as may contribute to 
preferve the Balance of Trade fince, as 
I have faid, in treating of Exchange, it 
is moft certain, that whenfoever the Com- 
merce of a State (lands upon this equal 
Footing, it's Money muft of Confequence 
continue in it; but when the Equilibrium 
is difturbed, and the Balance is againft the 
State, it's Money muft be carried to fo- 
reign Nations, to pay for the Excefs of 
Goods imported, above thofe that have 
been exported ; and, to conclude, if the 
Balance of Trade is in favour, the Money 
muft not only continue in it, but alfo 
increafe and multiply. Seeing then, that 



[ 48 ] 

this is the true State of the Matter, an4 
that from the three Cafes we have pro- 
pofed the refpedive Effedls already men- 
tioned muft of Neceffity follow ; it is very 
evident, that the Remedies which confift 
merely in prohibiting the Exportation of 
Money, do not reach the Caufe and Root 
of the Diftemper, nor prevent the Evils 
that fpring from the Prevalence of a Paf- 
five Commerce, 

6. And to give a more convincing 
Proof of the Truth of this, let us fuppofe 
a Kingdom, whofe Pajfive Commerce is 
greater than it's ABivCy and that the Sub* 
jedls are fo obedient to their Prince, that 
they carry not one fmgle Farthing out of 
his Dominions : What will follow in fuch 
a Cafe? Suppofing, that the Balance of 
Trade is againft that Kingdom, and that 
it has contraded a Debt to Foreigners, 
unlefs thefe Foreigners, by a ftrange and 
vnexpeded Generofity, fliould think pro- 
per to remit the whole of that Sum of 
Money which they have a Right to exad, 
for the Excels of the Commodities irn* 

ported 



[49] 

ported above the Value of the Goods ex« 
ported out of that Kingdom, the Price of 
Exchange will, in this Event, rife fo high 
to the Prejudice of the Sabjedls thereof, 
that if Money be not exported in great 
Quantities, and no other Means be left 
for paying the Debt, but that of Ex- 
change, the Subjects will be reduced to 
fuch Diftrefs, for want of Commodities 
to difpofe of for relieving their Credit, 
that to cancel the Debts they have con- 
trafted for Goods, they will be obliged to 
return thofe very Goods, which they have 
purchafed for their own Confumption. 
While, on the contrary. Strangers, who 
have contradted any Debt in that King- 
dom, or want to raife Money for pur- 
chafing Goods, will have the Advantage 
of Exchanges as much under P^r, as the 
Subjcfts of the faid Kingdom will find 
them raifed above it, in other Markets, 
to the Benefit of Foreigners. In this Si* 
tuation of Affairs then, if the Sovereign 
of that Kingdom fhall exert himfelf to 
flop the Courfe of Money, which will 
H .naturally 



[ 50 3 

naturally go out of his Dominions, and 
rather chofe to apply a dircfl: though un- 
natural Remedy to this Evil, which is but 
an Effed of the Pq/Jroe Commerce his 
Subjeds are engaged in, and the ABive 
Trade carried on by Foreigners, than to 
think of proper Means to cut oft the 
Caufe and Root of the Diftemper, every 
one fees to how little Purpofe his Pains 
will be bellowed. From all which we 
are put, under an indifpenfable Neceffity^ 
to conclude, that there is not a better, nor 
a more certain Means to keep Money 
from going out of a Kingdom, than to 
take particular Care that Commerce with 
other Kingdoms be conftanrly kept upon 
an equal footing, and tha^ an exad: and 
true Proportion be preferved between Gold 
and Silver. 

7. And this Opinion of ours, with re- 
gard to the Provifion which ought to be 
made for Money, is confirmed by that 
celebrated Expreffion of the famous M. 
Colbert^ which is very much to our 
prefent Purpofe : For this great Man, 

whofe 



L 5x ] 

whofe Judgment and Penetration, in Af- 
fairs of Goverment, and the Oeconomy of 
a Kingdom, were fo con fide rable, ufed 
to fay, That whefiever a Kingdom has the 
Balance of foreign 'Trade agai?i/i it, and 
is engaged in a Pafive Commerce, fuppofng 
it were poJJible, that, in fiich a Cafe, a 
Wall could be drawn quite round it, to pre- 
'uent the Exportation of Money • if the 
leaf Hole is left in that Wall, we ought to 
conclude, that, by this ""oery Hole, the Mo- 
ney would find if s Way out, 

8. And fince we have already proved, 
that thefe two Things, to wit, the. keep- 
ing of Commerce conflantly in Equilibrio 
and' maintaining an exad: Proportion be- 
tween Gold and Silver, are, fo to fpeak, 
eflential Points of good Condud;, with 
Regard to the Prefervation of Money, and 
have fufficiently fliewn how, by the Pre- 
valence of Pafiive Commerce , Money 
comes to move out of a Kingdom into 
other States ; we muft now proceed to ex- 
plain how, without the Influence of a 
particular State of Commerce, which we 
H 2 fnall 



[ 5a ] 

ftiall here fuppofe to be in EquilibriOy a 
mere Variation from the juft Proportion 
that ought to be obferved between Gold 
and Silver with Refpedt to other Nations, 
may be the Occafion of very great Dif- 
advantages to a Kingdom in the Affair of 
Money, Suppofe then, that in a particu^ 
lar Kingdom, we imagine a Money-Sy- 
ftem to prevail, that fhall raife the Gold 
gbove it's real Value, and that, in this Re- 
gulation, inftead of the common Propor- 
tion of one to fifteen that now ob- 
tains, an Ounce of Gold is allowed to be 
equivalent to fixteen Ounces of Silver : 
Since fuch an Alteration would raife the 
Gold fix and two Thirds per Cent^ above 
it*s Value, and reduce the Silver to juft fo 
much below it's Worth 5 it is evident, that 
this Increafe of the current Price of Gold, 
would naturally caufe the Silver to be ex- 
ported oiit of that Kingdom j and as Gold 
would be imported in it's ftead, and in- 
^:reafe greatly, the Nation muft unavoida- 
f)ly Iqfe fix and two Thirds per Cent, of all 
$he Silver that would be thus exported. 

9f On 



C 53 ] 

9. On the other Hand, fhould the Sil- 
ver-Money be raifed above it's Value, fo 
that fourteen Ounces of Silver fhould be 
reckoned equivalent to an Ounce of Gold 5 
while the Proportion fiiould (land thus, the 
Silver-Money would not only continue in 
the Kingdom, but alfo increafe greatly 
and the Gold-Coin would be exported in 
the fame Proportion, and the Nation 
would lofe upon it feven and one feventh 
per Cent. Moreover, from either of thofe 
Variations, two Abfurdities would follow ; 
the one is, that [both the Prince and tfie 
People would lofe of that Part of their 
monied Subftance fix and two Thirds, if 
the above Difproportion fliould fall upon 
the Gold-Coin, and feven and one feventh, 
if it fhould fall upon the Silver. The 
other Inconvenience would be, that there 
would be no Specie to circulate in the 
Kingdom but either Gold only, or Silver 
only, according as the one or other of thofe 
Metals fliould happen to be eftimated 
^bove it's true Proportion. 



10. Now 



[ 54 ] 

lo. Now as we have feparately confide- 
red two Evils in Comme*rce, one when the 
Balance thereof is againfl a Kingdom, and 
the other when the exad Proportion be- 
tween thefe two Metals is not obferved, 
and have fhewn what Lofs may be fuftain- 
ed by Means of either fingly without the 
Concurrence of the other ; let us now fee 
of what dangerous Confequence thefe two 
Diforders may be to the public Stock, 
when they meet together in the fame King- 
dom. Let us then fuppofe a State, which, 
for Example's Sake, is in fuch a Situation, 
that it lies under the Load of a PaJ/ive 
Commerce with foreign Nations, and, at 
the fame Time, in it's Regulations with 
Regard to Money, Matters are fo difpofed, 
that, negleding the common Proportion 
of fifteen Ounces of Silver to one of Gold, 
they allow fixteen Ounces of the former 
for one of the latter: It is certain, that in 
fuch a Difpofition of Affairs, this King- 
dom will be expofed to two great Dif- 
ad vantages, whereof that will furely be 
the greateft, which proceeds from it's 

having 



[ 55 ] 

having the Balance of Trade againft it • 
becaufe, by this Means, foreign Exchanges 
will rife high, and thereby the Money of 
that Kingdom will be carried into other 
States in greater or fn^aller Quantities, as 
this Balance of Trade is more or lefs 
againft it : The other Difadvantage will 
be, that by Reafon of the extravagant 
Price of Gold, the Silver will be carried 
out of the Kingdom. Moreover, a Dif- 
advantage arifing from the firft of thefs 
Caufes will be, that this Kingdom v/ill lofe 
fo much of it's effedive Cafli. as will 
amount to the Price of all thofe Commo- 
dities which are brought from Abroad, 
above the Proportion of the Goods that 
are exported out of it ; and a fecond, pro- 
ceeding from the fame Caufe, will be, that 
in this Lofs will be comprehended ano- 
ther, by which the Kingdom, on Account 
of the Difference of the Price, arifing 
from the Difproportion of Gold above 
Silver, will lofe fix and two Thirds per 
Cent ; and to the former two we may add 
a third Lofs, confiding in the Scarcity of 

Silver- 



C 56 ] 

Silver-Coin, which is moft commonly 
ufed in domeftic Trade. 

11. On the other Hand, if the Silver- 
Money is raifed above it's intrinfic Worth, 
the fame Confequence v^ill follow with 
Refpedt to Gold- Coin. For if we fup- 
pofe a Regulation eflablifhed, by which 
fourteen Ounces of Silver, and no more, 
ihall be accounted equivalent to an Ounce 
of Gold, immediately after it's Value is 
thus diminifhed, the Gold-Coin will be 
carried out of the Kingdom ; and befides 
the Lofs the Kingdom fiiftains, by having 
the Balance of Trade againft it, it will 
alfo lofe, by the Exportation of Gold, 
feven and one feventh Part per Centy over 
and above the Scarcity of Gold- Coin it 
will labour under. 

12. Moreover, whether the Difpropor-* 
lion fuppofed to be introduced into the Syf- 
tem of Money affeft the Gold or Silver 
Coin, in either Cafe the Kingdom will 
fuffer alike ; To avoid which Difad- 
vantages, Reafon would feem to require, 
that thefe two Metals be regulated in their 

Propor- 



[ 57 3 

Proportion , according to that Syftem, 
which ought to ferve as a conftant and 
univerfal Rule to all, and is the general 
Praftice of the Kingdoms of Europe-, 
that is, to fix unalterably the Proportion 
between Gold and Silver, taking the 
Meafure thereof, with Refpedl to more or 
lefs, from the moft confiderable and dif- 
tinguifhed Parts of Europe feeing it is 
proper to take our Rules in this Matter 
from fuch : And indeed feveral Kingdoms 
have already taken thofe proper Methods 
to prevent the Scarcity of Silver. 

13. And becaufe it feems to be of fome 
Ufe to confider all the poffible Circum- 
ftances of a Kingdom, which, for Exam- 
ple's Sake, we are allowed to fuppofe, that 
we may inquire into the Confequences that 
will follow from each of them; in or- 
der to fatisfy the Defires of thofe, who 
have a Curiofity to know the feveral 
EfFedls of the feveral Conditions of any 
State, let us propofe another Situation of 
a Kingdom. Suppofe then that this King- 
dom, by having the Balance of Trade 
I againfl 



[ 58 ] 

againft it, is fubjefted to a Paffive Com* 
merce with Foreigners ; but with Regard 
to it*s Regulations in the Affair of Money, 
fuppofc them to be fuch, that the juft 
Proportion is obferved between the two 
Metals: Now would we know what will 
follow from this Situation of Affairs ? 
This will be a new Sort of Diforder, and 
perhaps worfe than any other ; fince it is 
dear, that both the Gold and Silver will 
be equally carried out of fuch a Kingdom, 
from which fo great Lofs and Detriment 
will follow, that it will be proper to fhut 
up the Mint, and coin no more Money. 
For as the Balance of Commerce is fup- 
pofed to be againft the Nation, it will keep 
the Exchanges high, in Proportion to the 
Excefs of the PaJJive above the ABive 
Commerce of the State 5 and as Gold 
and Silver Bullion tnuft be purchafed a- 
broad, which can only be done by Ex- 
change, thefe Materials will coft more 
than the Money to be made out of 
them ; for though, with Relation to Mo- 
ney, it is true, and cannot be denied, that 

by 



[ 59 ] 

by an inviolable Law, it is the Prerogative 
of the Prince to determine the Weight, 
Finenefs, and Value, not only of Gold, 
but alfo of Silver Coin, yet he has not 
the Right of fixing the Price of thofe 
Metals in Bullion 5 this Privilege belonging 
folely to Commerce, v^hich alfo regulates 
the Courfe of Exchanges. This being the 
Cafe from hence, and from what we have 
already faid, it may evidently appear, how 
the Coining of Money,in fuch Circumftan- 
ces, muft be attended with inevitable Lofs, 
It now remains that we {hew, how it may 
come to pafs, that fuppofing a Kingdom 
has the Balance of Trade againft it, and 
that the Proportion which ought to obtain 
between the two Metals is not obferved in 
it. Money may, notwithftanding, continue 
to be coined for fome Time, without Dif- 
advantage • and this fhall be the Subjedt 
of the following Seftion. 

14. Suppofe then, that in this Variation 
from the true Proportion between the two 
Species, the Gold happens to be over- 
valued i in this Cafe, as we have often ob-^ 
I 2 ferved^ 



[ 6o ] 

ferved, it will follow of Confeqoencej that 
the Gold will remain in the Kingdom, and 
the Silver will be carried out of it, in 
greater or lefs Quantities, according to the 
preatnefs of the Balance of Commerce that 
is againft it^ and the Degree of the fup- 
pofed Viariation from the Proportion that 
ought to fubfift between the two Mttals, 
Mean time, becaufe the Siver-Coin will 
bear a greater Price abroad, and will be ex- 
ported to pay the Debt contraded to Fo- 
reigners, for want of Commodities to com- 
penfate thofe that Were imported j the Ba- 
lance of Trade being thus difchafgcd by the 
Silver fo exported, the Exchanges will be 
kept low, and by Means thereof Gold may 
purchafed to be coined into Motiey. But 
this will coft no lefs, than, in the firft 
Place, the Lofs of all the Siver-Coin, and 
after that, of the Gold alfo, if the gafeffce 
of Trade (till continues againft the Nation ; 
and then, the Exchanges rifing ftifl higher 
aiJd bigber, the Kingdom will fall daily 
into greater and greater Diftrefs. And what 
we have faid of Gold, , may with the fame 

r - Juftice 



[ 6i ] 

Juftice be faid of Silver, if it is raifed 
above it's Worth 5 fince from the overva- 
luing of Silver the fame Sort of EfFeds 
will follow, which we have taken Notice 
of already, when we fuppofed Gold to be 
raifed above it's juft Rate. 

15. But becaufe what we have hi- 
therto offered will be of little or no Ufe at 
all, if after having difcovered the Sources 
and Springs of Lofs and Danger, we 
cannot fall upon Means for applying proper 
Remedies j therefore that thefe Obferva- 
tions of ours may not ferve merely to gra- 
tify a vain and fruitlefs Curiofity, but may 
alfo contain Expedients for bringing into a 
proper Method, thofe Things that may 
poffibly be amifs in a State, or at leaft not 
altogether confiftent with good Order and 
Government ; we {hall add a few more 
Refledions, deduced by way of Corollaries, 
from the Principles already laid down, 
which may be capable, not only of fatisfy- 
ing the Defires of fuch as want to have a* 
thorough Knowledge of Commerce, but 
alfo of furnilhing proper Hints to thofe 

who 



[ 62 ] 

who are at the Helm of Affairs m States 
and Republicks, for eftablifhing upon a 
folid Foundation, and, at the fame Time, 
ftrengthening and improving the Riches of 
a Nation. 




APPEN- 



[ 63 3 



APPENDIX. 

Containing Inferences drawn from the 
preceding Principles^ wherein fome Me- 
thods are propofed for the Improvejnent of 
Commerce^ to the great Advantage of 
Kingdoms. 

I. ROM all that we have hitherto 
JL offered, with as much Brevity as 
we could, we may firft of all draw this 
Inference, viz. That Commerce is the 
only fure Foundation upon which the 
Welfare of a Kingdom may be built ; that 
Money is the Meafure of mutual Com- 
merce among Men 3 that Exchange is, as 
it were, the Compafs by which the Mer- 
chant muft fleer ^ that the Proportion be- 
tween Gold and Silver is the juft Rule for 
regulating the Syftem of Money 5 and fi- 
nally, that all thefe, taken together, are to 
be confidered as the moft effential Points 
for the Prefervation and Improvement of 

Kingdoms. 



C 64 3 

Kingdoms. Wherefore, if it fhould any 
where happen, that, by negleding to ob- 
ferve exaftly the Inftruftions and Rules 
which we have already offered, any Dif- 
order (hould be introduced to the Preju- 
dice of Commerce, it is not foreign to our 
Purpofe to fubjoin here the Expedients that 
feem beft appropriated to fuch Events, to- 
gether with a full and diftindl Account of 
their Application and Ufe. 

2. And, firft of all, in order to give a 
juft Notion of what we now purpofe to 
treat of, we mufl: of Ncceffity eftablifh it 
as a Maxim, That all the Affluence and 
Riches, which are to be met with in any 
Kingdom, are the common Patrimony 
of the Prince and of the People. This 
Truth, though indifputable in itfelf, will 
appear very evident, when we confider, 
that the Views of a Sovereign, in the Go- 
vernment of a Kingdom, whether they 
regard Policy or Oeconomy, cannot be 
fuppofed inconfiftent with the Intereft and 
Advantage of his Subjedls; and that he 
can take no Meafures for his own particu- 
lar 



C 65 ] 

lar Benefit, which do not, at the fame 
Time, imply and tend to the Good of his 
People. And, indeed^ he could not have 
the Title or Rank of a Sovereign, if his 
Dominions were not inhabited by Men ^ 
nor could there be any Room for either 
political or osconomical Government, if by 
the wonderful Counfels of Providence, 
which has raifed Monarchies, and beftow- 
ed on Princes thofe Lights that are necef- 
fary for the Government of their Subjedts, 
Mankind had not been united into Socie- 
ties, and put themfelves under the Protec- 
tion of a fingle Perfon, with no other In- 
tention, but that they might by that Means 
live in greater Happinefs and Safety. 

3. But to make it ftill more plain of 
how great Importance it is to a Prince to 
confider himfelf and his Subjeds, as having 
but one common and undivided Intereft, 
which is indeed the Truth of the Matter 
let us turn our Thoughts to the Inconve- 
niences occaiioned by the Cuftom of railing 
the extriniical Value of Money, which for 
two Centuries has prevailed fo much, that 
K ^ it 



[ 66 ] 

it is now become almoft general in ail 
Monarchies. That this increafed Value of 
Money has been remarkably prejudicial* 
rather than the Means of any Benefit, is 
plain from this Confideration, viz. That 
when the Rate of Money is thus raifed, 
the Prices of all Commodities, that are 
uiefal or necefiary to the Subjed, rife with 
it at the fame Time. And thefe Variati«- 
ons had never been admitted into any 
Kingdom, if Statefmen had attended to 
this moft effential Point, and feen that 
fuch Alterations occafion the greateft De- 
triment to the Treafury, which they arc 
intended to enrich. To confirm what is 
here afierted with an Example, let us 
imagine a Kingdom, which two Centuries 
ago, before the Cuftom in queftion was 
introduced, had no more than eight Mil- 
lions of Crowns of yearly Revenue, and 
that at prefent it*s yearly income amounts 
to ten Millions ; but that, after all, thefe 
ten Millions of Crowns come only to fifty^.- 
five thoufand Pounds Weight of Gold* Coin. 
Now it is evident to every thinking Man^, 

that 



[ 67 ] 

that with all this Increafe of Revenue, the 
Treafury which now receives ten Millions 
of Crowns, will be much poorer than when 
it took only eight. Becaufe at that Time, 
when the extrinfical Value of Money v^as 
fo much lefs than now, the fmall yearly 
Sum of eight Millions of Crowns, by it's 
intrinficalValue,brought into the faid Trea- 
fury fixty-fix thoufand Pounds Weight of 
Gold. Whence it follows, that the Re- 
venue, at that Time, mud have been 
eleven thoufand Pounds Weight of Gold, 
or two Millions of Crowns more than at 
prefent. 

4. Such a pernicious Eftablifhment In 
any Kingdom, befides the firfl: Diladvan- 
tage of railing the Prices of all Commo- 
dities necelTary for the Support of the Go- 
vernment, or the Subfiftence of the Peo- 
ple, gives alfo Rife to another Inconveni- 
ence, which falls much heavier upon the 
greateft Part of thofe who compofe that 
Stale. For thofe who live by their La- 
bour being far more in Number than 
thofe who have large PofleiTions, and give 
K 2 Em- 



[ 68 3 

Employment and Subfiftenee to the reft 5 
it is plain, that the Condition of thefe la- 
bouring Poor muft be greatly afFeded by 
this Means. 

5. But that which we ought to confi- 
der as the greateft Difadvantage of all is, 
that every Thing that muft of Neceffity be 
purchafed in foreign Dominions, either for 
fupplying the Exigencies of the State, or 
the Wants of the Subjed:, becomes more 
expenfive, becaufe of the Exchanges, 
which in this Event will rife high, in 
Proportion to the Increafe of the current 
Value of Money ; in Confequence where- 
of, the Kingdom will undoubtedly be fub- 
jeded to all the bad Effsds of a Fajjive 
Commerce. And moreover, what will 
be the Occafion of Diftrefs to the Sub- 
jeds of this Kingdom, will, on the con- 
trary, be the Means of Profit and Advan- 
tage to Foreigners. For whatever is ad- 
ded to the extrinfical Value of Money, fo 
much will be deduded from the Amount 
of the Debts, that Strangers fliall contrad 
in that Kingdom. 

6. And 



[ 69 ] 

6. And this is the Source of thofe great 
Difadvantages, which weaken Trade, and 
impoverifli the Subjedts of thofe King- 
doms, into which fuch Cuftoms are in- 
troduced; and by exhaufting the Trea- 
fury, reduce the Prince to the fevere Ne- 
ceffity, however much it may be contrary 
to his Inclination, of increafing the inland 
Taxes and Impofitions upon his Subjedls, 
that he may refill his Treafury, and replace 
the Money which has been drawn out of 
it. Whence it will alfo follow, that when 
the Prince is engaged in any great and juft 
Enterprize, the Subjeds will grow weary 
of paying their Proportions of the Taxes, 
and will not, chearfully, bring in their 
Contingents to relieve the public Neceffi- 
ties. Since then, we have evidently fhewn 
what great Difadvantages are derived, both 
to the Subjefts, and to the King's Reve- 
nue, by thus raifing the current Value of 
Money, what we have offered ought to 
ferve as a Caution to every Government, 
to take particular Care not only that fuch 
Meafures with Refpedt to Money be car- 
ried 



C 70 ] 

ried no farther, but alfo when any Ck- 
cumftance happens to make it neceffary to 
alter the Price of Money, to be always 
more difpofed to lelTen than to augment 
it's current Value. 

7. But becaufe fometimes fuch Circom-* 
fiances happen, and fuch Obftacles arife, 
that it is a Matter of great Difficulty to 
obferve the Rules prefcribed for good Go- 
vxrnment, efpecially when Things are al- 
ready run into great Diforder and Confu- 
lion ; therefore that according to the Va- 
riety of Events, we may here endeavour 
to difcover, if not the moft certain, at 
lead fome probable Means of providing 
for every Situation of Affairs j let us, for 
Inftance, fuppofe a Kingdom in thefe Cir- 
cumftances, viz. that the current Price of 
foreign Money is there raifed fiv^ per Cent. 
above the Money of the faid Kingdom ; 
moreover, that befides this Diforder, it la- 
bours under the further Inconvenience of 
having it's PaJJive Commerce greater than 
it's ABive ; and that this Evil is of many 
Years (landing, and grown inveterate : To / 

thefe 



[ 71 ] 

thefe two great Hardfliips add this other 
Misfortune, that the Kingdom is diftref- 
fed'by a Scarcity of Money, occafioned 
both by the Prevalence of Pajjive Com- 
merce, and by Reafon of fuch a Difpro- 
portion between the two Metals, '■oiz. 
Gold and Silver, that one of them only is 
employed in Commerce, the other being 
extremely fcarce and rare. 

8. If we enter into the Confideration of 
what is moft proper to be done in fuch a 
Cafe, though the Rules of good Oeco- 
nomy require, that in fuch Circumftances, 
the extrinfic Price of foreign Money 
fhould be brought five per Cent, lower, be- 
fides the Charges of Coinage j yet becaufe 
many, not underftanding the true Source 
of thofe Diforders, which take their Rife 
from a lofing Trade, and the Want of a 
due Proportion between the two Metals, 
think it would be proper, in fuch a Situa- 
tion, to raife the current Value of the Coin 
of the Kingdom ; therefore, agreeably to 
this common Opinion, it feems prudent, 
^^s a Kind of temporary Remedy, to raife 

the 



[72] 

the current Value of the Coin of the 
Kingdom gradually, at one or two dif- 
ferent Times, and then bring down the 
Price of foreign Money to the intrinlic 
Value of the two Metals ; with this View 
alfo that the Coin of the Kingdom may 
have, as it ought to have, the Preference 
to all foreign Money. After this the Go- 
vernment ought to exert itfelf with the 
greatefl: Application, to bring Commerce 
back to an 'Equilibrium^ which is the 
only Means of keeping the Money within 
the Kingdom ; but aflbon as Commerce is 
eftabliflied upon this Footing, and Money 
thereby fecured againfl: going out of the 
Country, it ought immediately to be 
brought down to it's original Value. 

9. Now lince all that has been faid con- 
cerning Money, and the Regulations that 
are proper with Refpe6t to it, is wholly 
and only intended to difcover the Manner 
in which the Riches of Kingdoms are 
increafedj and it being alfo true, that there 
is no other Way to fecure this Advaritage, 
and make. a Country abound with Money, 

(which, 



[ 73 ] 

(which, after all, cannot be faid to cooj 
ftitute the Riches of a State, but as it is 
the Meafure of the Things that are mu- 
tually to be exchanged) but by taking 
proper Care to employ the Inhabitants in 
Trade; it is therefore neceflary to efla- 
blifh this as a Maxim of great Importance,- 
to wit, that Commerce is the moft eflen- 
tial Means of fecuring the Welfare, and 
advancing the Grandeur j of a Nation. Ar d 
fince fuch a happy Condition is a national 
Benefit, not only very ufeful to, and high- 
ly dcfireable by the Subjefts^ but alfdj 
over and above all other Advantages, brings 
the greateft Glory to the Prince, it ought 
to be his particular Studyj above every 
other Concern, to make Commerce thrive 
and flonrifh in his Dominions. 

lo. Indeed, let Induftry but flourifh 
remarkably in any Kingdom, and we fhall 
very foon find great Affluence and Plenty 
of Money therein : ^And as the People 
will always afcribe this abundant Afi^uence 
to the tender and provident Care of the 
Prince, it is hardly credible, how willing 
L and 



[ 74 ] 

and ready they will be to contribute the 
greateft Sums, upon any particular Emer- 
gency of Affairs, and when any urgent 
Neceffity of their Sovereign demands their 
Affiftance. 

II. But as the Means to attain this 
End may to fome, poffibly, appear ex- 
treamly difficult, or perhaps impoffible ; it 
is very proper for our Purpofe to obferve 
here, that nothing fliould be thought dif- 
ficult, nothing fuppofed impoffible, which 
may contribute to pave the Way for Sub- 
jeds to become acquainted with Arts, 
Manufadures, and other induftrious Exer- 
eifes : And whenever fo great a Bleffing 
eomes in Sight, the Projed ought to be 
carried into immediate Execution, whate- 
ver be the Hardfliips and Difficulties, with 
¥/hich it may feem to be attended. For 
when fuch Manufadures are once intro- 
duced, and the Subjeds laid under a Ne- 
ceffity of fetting their Hands to work, a 
Way is opened for foreign Money to flow 
into the Kingdom, in great Quantities, 
And the Means which we have propofed, 

for 



[ 75 .] 

for attaining this excellent and defireable 
End, being eafy in their own Nature, will 
become ftill more fo, when Princes fhall 
by Degrees be more and more confirmed 
in thefe Views, by tailing largely of the 
Sweets that are to be obtained, by pro- 
moting the Intereft of their Subjeds, and 
making Induftry familiar to them : And 
when, fixing their Eyes on the Pradice of 
fo many Nations, and confidering the Ar- 
dor wherewith they are conftantly employ- 
ed in Works and Manufadtures 3 they fhall 
alfo exert themfelves to introduce into 
their Dominions the fame Caufes of Wealth 
and Riches. 

12. And from hence it evidently ap- 
pears, that no Nation can be very happy 
or rich, wherein no Means are ufed to re- 
concile the People to Induftry, and to em- 
ploy them in manufaduring thofe Com- 
modities, which are the original Produce 
of the Country, both for the Ufe of the 
Natives, and other lefs cultivated King- 
doms. 

13. Since it would be fo much the 

h 2 more 



[ 76 ] 

more inexcufable not to improve the Ad- 
vantage of thofe native Riches, and to fuf- 
fer that to be loft, which the indulgent 
Soil offers to our Ufe, as the good Suc- 
cefs of others is a convincing Proof, that 
though a Kingdom fhould be naturally 
deftitute of particular Kinds of Commo- 
dities, the Inhabitants ought not, for that 
Reafon, to be lefs induftrious. Of this 
we have a remarkable Inftance in the E^g*. 
lijhy v^ho carry on fuch confiderable Ma- 
iiufadures of Gold and Silver, though 
they have no Mines of their ovi^n, and are 
obliged to bring the Materials of their La- 
bour and Art from foreign Countries ; an4 
likewife in the Dutch, who, though they 
have in their own Provinces little or no 
Wool, are neverthelefs employed with 
great Induftry in making a vaft many 
Sorts of Cloth and Stuffs, for the Ufe and 
Benefit pf all the Nations of Eiirope. 
prom all which we muft conclude, that 
Princes may expedt every Thing that i§ 
agreeable from their Subjeds, when they 
make it their >Sxudy to inure them to La^ 



[ 77 ] 

bour and Induftry, and by that Means ob- 
tain, for their Kingdoms, every Advantage 
they can have in View. 

14. And that what we here offer may 
not reft in a general and fruitlefs Theory, 
I reckon it will be proper now to fhew, 
in what Manner they muft proceed, that 
their Labours may be adlually crowned 
with fuch happy Succefs, and that they 
may fee their Subjefts thriving by their 
Induftry, and their Dominions flourifhing 
in thofe Arts and Manufadlures, which 
produce a rich and profitable Commerce. 
And becaufe the End cannot be expeded, 
if the Means that direftly lead to it are not 
firft employed 5 therefore if any Prince be 
ambitious of obtaining all thofe Advan- 
tages which we have propofed, and aims 
at fecuring them to his Dominions, though 
according to the various Circumftances of 
each particular Province, the Method will 
require to be varied a little ; yet we {hall 
here propofe a Pattern for him to imitate, 
and for that Purpofe reprefent a Country 
fp conditioned, with Regard both to the 

Nature 



[ 78 ] 

Nature of the Soli, the Convenience of 
it's Situation, and the Number of it's 
Inhabitants, that we may from thence de- 
rive fuch Hints and Advices as are for our 
Purpofe, and from it's peculiar Circum- 
fiances drav/ fuch ufeful Conclufions, as 
may be accommodated to the Benefit of 
other Nations ahb. Let us then fuppofe a 
Kingdom furrounded by a great Extent of 
Sea, that has a large Trail of inland Pro- 
vinces, that one Part thereof, namely, the 
maritime Country, contains large Plains, 
fruitful in feveral different Sorts of Pro- 
duds, and that it's Inhabitants are bufily 
employed in Traffic both by Sea and 
Land 5 while the other Part thereof, I 
mean the inland Country, has little or no 
Trade at all. Suppofing now a Kingdom 
to be in fuch a Situation, let us enquire 
what Advantage or Benefit may be derived 
from each of the Circumftances fpecified, 
and what Methods ought to be taken to 
promote Induftry, encourage Arts and 
Manufadures, and improve Commerce 
therein ^ and in order thereto, let us be- 



[ 79 ] 

gin with confidering the Provinces that He 
next the Sea. 

' 15. With Regard to thefe then, the 
moft proper Method of Management feems 
to be, that in cafe they yield fuch large 
Quantities of Corn, Wine, and other 
Produds of the hke Nature, that befides 
what is neceffary for the Gonfumption of 
the Inhabitants, there is an Overplus to be 
exported for the Ufe of Foreigners ; fup- 
pofing this, I fay, to be the Cafe, and that 
we defire to excite the Inhabitants to culti- 
vate Corn, Wine, &c, in greater Abundance, 
and alfo to engage Foreigners to come 
with greater Readinefs to purchafe thofe 
Commodities, the following feems to be 
the moft proper Method for attaining both 
thofe Ends, viz. that if there be any 
Kingdoms, either in the Neighbourhood, 
or at a confiderable Diftance, which have 
plenty of the fame Commodities for car- 
rying on a foreign Trade, the ftrideft and 
moft careful Inquiry ought to be made in- 
to the Condudt of thofe Nations, v/ith a 
View to find out the moft effedual Means 
• of 



L 80 3 

bf inducing Foreigners to purchafe the 
Commodities of our fuppofed Kingdom, 
preferably to any others. But nothing can 
have a greater EfFedt towards promoting 
this Intention, than to fet about lowering 
the Duties upon the Exportation of fuch 
Commodities ; nay, they fhould even be 
facrificed entirely to fuch an ufeful Defign, 
if that fhould be neceflary to compleat it* 
Let us now fee what Advantages will flow 
from fuch a Condud:* 

16. And firfl-, the Profit and Advantage 
arifing to the Subjefts would be fo great, 
that they would be thereby well enabled, 
without repiningj to make up the Lofs 
of the Revenue, by fubmitting to the Im- 
pofition of fuch other Taxes, as they 
could afford to pay 5 And in the next 
Place, as this Difpofition of Affairs would 
bring the ABive Commerce of the King- 
dom to be more coniiderable than the Paf^ 
Jive, a neceffary Confequence thereof would 
be the falling of foreign Exchanges, and by 
this Means, Gold and Silver would be pur- 
chafed, at fo much the more eafy Rates, in 

order 



[ 8i ] 

order to be coined into Money. This 
would not only produce the greateft Ad- 
vantage to the Mint, but alfo reimburfe to 
the Treafury the full Duties on the Expor- 
tation of Corn, and other Commodities, 
which it had formerly difpenfed with. 

17. Let us now take a View of the in- 
land Provinces, which lie at a confiderable 
Diftance from the Sea, and which we 
have fuppofed to be of a barren Soil, pro- 
ducing very little, and it's Inhabitants hav- 
ing no foreign or domeftic Trade, where- 
by to better their Fortunes. If then the 
Queftion be, what Method is to be taken 
with Regard to this Part of the Country, 
and if fuch a Refolution be formed, as 
we have often fpoke of, to cure the Indo- 
lence of the Inhabitants, and to make 
them adlive and induftrious, by introducing 
among them the Exercife of thofe ufeful 
Arts, with which they are hitherto unac- 
quainted ; it is an eafy Matter to (hew 
what Courfe is to be taken, and what 
Means muft be employed for the Attain- 
ment of this End: 

M 18. And 



C 82 ] 

18. And, in the firft Place, if it be 
true, as it moft certainly is, that the bet- 
ter a Kingdom is peopled, the richer it's 
public Treafury will be ; and if it be fin- 
cerely intended, that from being barren 
and defolate, thefe Provinces fliould be- 
come rich and fruitful, and the Inhabitants 
be incited to Induftry, and enabled to 
exercife the mechanical Arts, no Meafure 
can be more efFedual for this Purpofe, 
than that of making the Means of Life 
fo eafy and attainable, that their Sub,- 
fiftence may be attended with as little Ex- 
pence as polTible. And though no other 
Way fhould be found to gain this Point, 
but the Treafury's eafing them of the in- 
land Duties and Taxes, which they are 
obliged to pay ; yet neverthelefs, if we 
confider what has been (hewn above, 
concerning the Advantages which the 
Treafury obtains by increafing the Num- 
ber of the Inhabitants ; this Relief ought, 
by all Means, to be granted, and even 
with Chearfulnefs 5 and not only fo, but 
if we allow ourfelves to confider maturely 

the 



[ 83 ] 

the vail Importance of this internal Trade, 
and the Ufefalnefs of Induftry among the 
Inhabitants 5 it will appear to be for the 
Intereft of the Treafury, not only to eafe 
the People of the Impolitions mentioned, 
but even to fupply them with Money, and 
appoint proper Infpedtors to overfee the 
new Manufactures that are to be intro- 
duced. Thus it is recorded of Henry VII. 
of England, that by the Means we have 
here fuggefled, namely, by advancing large 
Sums to promote Trade, and fupport 
thofe who were employed in it, he left 
his Kingdom exceeding rich. 

19. That this Defign might be carried 
on with the greater Succefs, it would be 
prudent to order Matters fo, that thofe 
Commodities, which are of the native 
Growth of the fruitful Parts of the Coun- 
try, (hould beraifed in greater Abundance, 
which might be effedted in the following 
Manner : 

20. For fuppofing a Kingdorn to be iq 
fuch Circumftances, that it*s Provinces are 
very well provided with Silk, and Wool, 

M 2 of 



[ «4 ] 

of their own Growth, which are the prin- 
cipal Materials of Manufactures by the 
Loom, and that there is not only enough 
of the faid Commodities for the Confump- 
tion of the Inhabitants, but alfo for car- 
rying on a Trade with Foreigners : In 
fach a Cafe, I fay, the Method which 
ought to be obferved for enlarging the 
Traffic in thofe Commodities, promoting 
their Exportation, and propagating the 
Trees, and Flocks, which produce them, 
is as follows : After thefe Commodities 
are manufaclured, effedual Care ought to 
be taken, that they may be exported Du- 
ty-free. Nor is this the only Precaution 
neceffary ; for it is alfo of great Confe- 
quence that the Goods, which are brought 
into the Kingdom to be manufaclured by 
the Hands of the Subjeds, be imported 
Duty- free ; and that the fame Privilege be 
extended to fach Commodities as new 
Fafliions render neceffary, to be inter- 
woven with Silk or Woollen Manufac- 
tures, fuch as foreign Wools of a finer 
Staple than the Native, Caflor, CameFs 

Hair 



[ 85 ] 

Hair, Cotton, and fach other Goods as 
contribute to the Ufefalnefs and Perfec- 
tion of the Manufadures : And, to con- 
clude, that no Tax or Impofition be laid 
upon fuch of the new Manufactures, as 
are confumed by the Subjects themfelves. 

21. If then any Prince is fincerely dif- 
pbfed to proceed in this Method, and to 
carry this Scheme into Execution, there is 
not the leaft Room to doubt but he will 
obtain the End propofed, and be able to 
recover, with great Advantage, all the 
Loffes which he fhall voluntary fuftain by 
the Duties, which his Treafury lliall re- 
mit to his Subjedls, and alfo all the Mo- 
ney he fhall advance to encourage and fup- 
port their Induftry, when by an agreea- 
ble Revolution of Affairs, he fhall fee 
thofe Provinces, which formerly had no 
Trade, and but few Inhabitants, made to 
flourifli by great Numbers of People, 
{killed and employed in various Arts and 
Manufadures, for the Ufe not only of 
their Feilow-Subjeds, but of Foreigners 
alfo : When, I fay, laying new Taxes up- 
on 



[ 86 ] 

on the Profits of his Subjeds, which arc 
by this Means greatly increafed, his Trea- 
fary lliall be reimbiirfed with much great- 
er Saois of Money, than he formerly ex^ 
afted. For fuch a Prince will certainly 
have the very fame Succefs which the late 
Czar^ Peter the Great, met with in his 
vaft Empire of RuJJia ; who, by grant- 
ing Immunities and Privileges to Foreign- 
ers, faw, not only during his own Life, 
but in a very fliort fpace of Time, a fe- 
cond Royal City rife out of the Fens and 
Marfhes, and rival his very Capital, being 
filled with acquired Subjeds, who by 
Means of the Arts and Manufadures 
they introduced, rendered it the Mart of 
Commerce between all Europe, and his 
fpacious Dominions. 

2 2. And having faid fo much concern* 
ing the Method of introducing Manufac- 
tures into a Kingdom ; and having alrea- 
dy iliewn how much it is the Intereft of 
the Revenue to keep the Subjeds in con- 
ftant Employment, though it fhould be at 
the public Expence 5 we may from thence 

cafily 



[ 87 ] 

eafily conclude, that nothing can be more 
prejudicial to a Kingdom, than for the 
Prince to negled: keeping his Attention 
conftantly and zealoufly fixed upon the 
Importation of foreign Manufadures, 
whether for the Ufe of the Court, or the 
Gonfumption of the Subjed. Becaufe an 
Evil of this Kind is the more apt to In- 
creafe, and to produce daily worfe and 
worfe Effeds, as thofe who do not tho- 
roughly underfland the Affair, may be 
eafily mifled by a fpecious but falfe Ap- 
pearance of public Utility. 

23, The Truth is, that while we con- 
lider only the Sums brought into the Trea- 
fury, by the Duties on foreign Commodi- 
ties imported, we are not aware of the 
latent Evil, which at one and the fame 
Time exhaufts the Treafury, and impo- 
verifhes the Subjed. For this fuppofed 
Advantage is obtained by a Meafure, 
which, while it brings in twenty per 
Cent, to the Exchequer, robs the com» 
mon Patrimony of the Prince and the 
People of eighty per Ce?it ^ and befides, 

not 



[ 88 ] 

not only all Motives to Induftry are there- 
by checked, and thofe Arts and Fabrics 
prevented from flourifhing, which might 
induce Foreigners to purchafe the new 
Manufadures of our fuppofed Kingdom, 
but alfo the People are deprived of the 
Benefit of ufing them for their own Con-^ 
fumption. 

24. Wherefore, with Refpeft to this 
Kingdom, which we have pitched on to 
be, as it were, a Pattern of good Order 
and Oeconomy, and which, above all 
Things, we defire to render adlive and 
induftrious, it would, in my Opinion, be 
moft proper to prohibit entirely all unne- 
ceffary foreign Manufadures. But after 
ail, if the home-made Manufadures be 
found infufficient for the Demands of the 
Inhabitants, and Neceffity require that 
thofe of Foreigners fliould be tolerated; 
in this Cafe, flili fuppofing that there is a 
fixed Pvefoliitioa to take Advantage of the 
natural Ambition of the Inhabitants to be 
rich, which is never extinguiflied, but 
continually growing, and to purfue fuch 

Meafures 

I 



[ 89 ] 

Meafures as may efFedually difpofe them 
to Application and Induftry ; I fhall, for 
this Purpofe, lay down a Method fo pro- 
pefj that nothing would more furely or ef- 
feftually reach the End. For fuppofing 
the Ufe of foreign Manufaftures were tole- 
rated, the Importation thereof ought to be 
loaded with fueh heavy Duties, that the 
Subjedts might by Degrees grow weary of 
them, and, which would foon happen, 
earneftly defire them to be entirely pro- 
hibited. 

25. But what is moft eflential to the 
Subjedl under Confideration^and would con- 
tribute more than any thing to the Induflry 
we want to introduce, as well as to every 
Advantage, and Improvement in Trade ; 
is, that the Sovereign negledt no Means of 
promoting the Circulation of Money a- 
mong his Subjefts : Becaufe the more 
that circulates, the more extenfive will the 
inland Trade of the Kingdom be, to the 
Benefit of the Sqbjeft, as well as of the 
Revenue. And that this is aftually the 
Cafe, every one, who attentively confi- 
N ders 



[ 90 ] 

ders the Matter, will evidently per- 
ceive. 

26. For if we take a general View of 
a Commonwealth with Regard to it's oe- 
conomical Regulations, and diftinguifli 
the Subjeds thereof according to their va- 
rious Ranks, or as they may be claffed 
by their different Circumftances ; we fhall 
find Matters fo difpofed with Relation to 
the Employment of Money, that the 
higher Men are in Rank and Fortune, the 
greater Difadvantage are they under with 
refped to the laying out of their Money, 
and the lefs confiderable is the Income 
they receive from their capital Stock. But 
if we defcend gradually from the higheft, 
and proceed regularly downwards, through 
the various Clafles of People in Trade, 
we fliall find the Advantages obtained by 
the Ufe of Money grow ftill more and 
more confiderable, the lower we go dowB 
among the inferior Ranks ; until we come 
to the loweft of all, wherein, though 
their Trades be mean, yet they are at the 
fame Time fo vigorous, adive, and exten- 

five, 



[ 91 ] 

five, that the Money employed therein ac- 
quires, by it's conftant Motion, fuch a 
Force as increafes and multiplies it in- 
finitely. 

27. And, in Facfl, if thofe of the firfl 
Rank, who are above Labour and In- 
duftry, and lay out all fheir Money either 
in Land, or in the public Funds, reap no 
greater Benefit thereby than two or three 
per Cent, the other Ranks, in proportion 
as they defcend from the firft, make, more 
and more Advantage of their Money, and 
the lafi: and loweft of all, though the 
Sums they employ in Trade are but fmall, 
yet no Bounds can be affigned to the Pro- 
fits they may acquire : And as this Part of 
a State is by far the mofl: numerous, it 
cannot but be undoubtedly evident to every 
thinking Perfon, that an immenfe Traf- 
fic muft, by their Means, be carried on 
within the Kingdom. And is it poflible 
not to conclude from hence, that it is a 
Matter of the utmoft Importance to the 
Intereft of the Subjet5l, of the Revenue, 
and of the whole Kingdom, that the moil 
N 2 attentive 



C 92 ] 

attentive and zealous Care be taken to 
make the Circulation of Money as large 
and extenfive as poflible ? For by this 
Means not only the Subjeds are prefented 
with Opportunities of increafing their Sub- 
ftance with the greateft Eafe poffible, but 
alfo an additional Revenue accrues to the 
Treafury, from the Duties on the various 
Sorts of Commodities confumed in pood, 
Cloths, and other Neceflaries, 

28. And hence it appears with great 
Evidence, how far thofe Counfels are from 
promoting the real Intereft of a King- 
dom, which aim at augmenting the Re- 
venue, by fetting on foot new Methods of 
bringing great Sums into the Exchequer 5 
for fach Meafures having the natural and 
neceffary EfFedl of obftruding the Courfe, 
and flopping the Circulation of Money, 
do infinite Prejudice and Detriment to the 
Trade of a Nation. And Commerce being 
thus impoveriflied and ftarved, the Vigour 
and Strength of the State is weakened and 
reduced. For though the Sums, which are 
mkd by fucb Methods, may have the 

Appearan^^ 



C 93 ] 

Appearance of public Utility ; yet it is 
liot conlidered that by fuch Means, the 
very Springs and Sources of the Revenue 
are dried up. For as the perfeil Health 
of the whole Body confifls in the Sound- 
nefs, and Strength of the feveral Mem- 
bers ; and as a Plant cannot thrive, when, 
it is deprived of the nutritious Juice.?, 
which are the Caufe of it*s Vegetation, 
and the Means of prefervlng it 5 fo it is 
impoffible that the Strength of a King- 
dom (hould not be at leafi: greatly im- 
paired, when by flopping the Circulation 
of Money, a Stop is put to Trade itfelf, 
and to the Riches of the Subjetfl, which 
ponftitute the Wealtji of the whole King- 
dom. 

29. As we have already laid down a 
general Pl^n of all that relates to a K ng- 
doni, both with Refpedl to the Methods 
for improving Commerce, removing the 
Defeds and Imperfeftions that may attend 
it, and rendering the Subjects expert in 
Trade ; it i)ow remains that we take No- 
|ipe of foine Particulars with Regard to 

the 



[ 94 ] 

the Prince himfelf, and the Revenues 
which muft fupport the Charges of his 
Government, both civil and military. 

go. And fince this part of our Work 
relates to the public Taxes, Crown Lands, 
Impofts upon Goods, and other Duties , 
it is obvious to every Underflanding, that 
fuch Subjefts ought to be treated with the 
greateft Care and Accuracy. 

31. But as a prevailing Cuftom hath 
been introduced of farming out thefe Re- 
venues to private Perfons, to the great 
Detriment of the Treafury ; it is not fo- 
reign to our prefent Purpofe to take No- 
tice, how much better it would be for the 
Prince, and for the Treafury, that the 
former (hould take the Management of 
the Revenues out of private Hands, and 
order them to be colleded by Commif- 
lioners in his own Name. And, indeed, 
befides that the Regulation of the public 
Revenues is a Matter of fuch Importance, 
as better fuits the Majefly of the Prince, 
for whofe Maintenance they are intended, 
than the Rank of a private Man 5 it alfo 

requires 



C 95 ] 

requires more Prudence and Authority 
than can be expedled from a private Per- 
fon. For as fuch have not very enlarged 
Views, and as their Power is the more li- 
mited, the further their Condition is from 
Sovereignty, let their Talents and Abili- 
ties be what they will, they can never 
find proper Expedients for all the various 
Exigencies of Affairs that may arife. 

32. Bat if we take a View of the Re- 
venue itfelf ; the Sums that it brings into 
the Exchequer, when colleded in the 
Prince's Name, are much more confide- 
rable than when it is managed by private 
Farmers. For the principal View of fuch 
is to fecure to themfelves, even at the Ex- 
pence of the Treafury, a certain Profit on 
the annual CoUedion ; and in fo doing 
they have a greater Regard to their own 
Interefls, than to thofe of the Public. 
Wherefore with Refpcd: to our prefent 
Subjedt, it feems to me to be for the Be- 
nefit and Advantage of any Kingdom, or 
Republic, that (excepting fuch Branches 
of the Revenue as produce but little, and 

arc 



[ 96 ] 

are of no great Confequence, as well as 
others that are of great Extent, and yet 
confift of many inconfiderable Sums to be 
colleded, requiring at the fame Time fo 
many particular Regulations, and fuch a 
clofe Attention, that the Prince or his 
Minifters cannot, without the greateft 
Difficulty, engage therein, and therefore 
may be more conveniently farmed out to 
private Perfons) all thofe of greater Con^ 
feauence fhould be carried on in the 
Prince's Name, under the Diredion of 
Subjeds of diflinguiflied AbiUties ; fuch, 
for Inftance, as the great Branch of the 
Duties on Goods imported, on Salt for 
Home-Confumption, and other fuch Com- 
modities, the Land-Tax, and other Re- 
venues of the hke Nature, 

33. But if, for particular and good 
Reafons, the Sydem which we have pra- 
pofed fliall be thought impradlicable by 
any Kingdom 5 in fuch a Cafe, if the Re- 
venues mufl be farmed to private Perfons 
the Matter ought fo to be ordered, that 
ibey may produce as much in the Hands of 

private 



[ 97 ] 

private Men, as in thofe of the Prince 
himfelf 5 for which Purpofe all the Power 
and Authority of the Sovereign miift be 
exerted. 

34. Whether therefore the Sovereign 
(hall think proper to refume the Revenues 
into his own Hands, or farm them out to 
others ; it muft be his particular Care and 
conftant Study to cut off all Opportu- 
nities of Fraud, and, in order thereto, 
whatever Circumfpedlion and Severity is 
employed to prevent Prejudice to the So- 
vereign, with Refpedl to his Jurifdiclion 
over his Dominions, the fame muft be 
ufed to prevent the Lofs or Diminution of 
any of the Rights of the Exchequer, by 
Fraud or Smuggling; and therefore an 
armed Force ought to be employed both 
in the Kingdom, and on it's Frontiers, 
to enforce the Execution of the Laws con- 
cerning the Revenue, and that with fuch 
Rigour and Severity, that the defired Ef- 
fe6l may be alcertained ; for otherwife the 
Advantages in View cannot be expeded. 



O 



35. More- 



[ 98 ] 

35. Moreover, to fecure inviolably the 
Payment of the Cuftoms, it would be of 
great Ufe to put in Execution the fol- 
lowing Projedt, which would ferve as an 
Example of great Weight and Influence 
on Perfons of all Ranks, efpecially thofe 
who are near the Perfon of their Sove- 
reign ; viz. to make it a ftanding Rule 
that the Duties on all Commodities im- 
ported for the Ufe of the Royal Family, 
of Foreign Minifters, or of any other 
Perfons, whom, on Account of fome 
Privilege or Diilindion, it might be pro- 
per to continue in the Poffeffion of an 
Exemption, fhould be paid out of the 
Treafury. For by this Method of com- 
penfating thofe Exemptions, the exadl 
Amount of the Produce of the Cuftoms 
would be obtained, as all Particulars would 
be included therein j and it would at the 
fame Time prevent fraudulent Entries of 
large Quantities of Goods, under the Pre- 
tence of fuch Exemptions. 



36. And 



[ 99 ] 

3 6. And this Method of Oeconomy 
which we have propofed, will not only be 
attended with the Advantage of bringing 
into the Trealfary, over and above the 
Sums it would have otherwife received, 
the whole Profits that would have been 
made by the private Farmers, and all that 
it was formerly deprived of by the Means 
above-mentioned ; but alfo to this would 
be added the Benefit which muft arife 
from the Influence of this Syftem, in pro- 
moting Arts and Manufactures within the 
Kingdom ; becaufe when the Gate is once 
{hut againft thofe Traders, who by cheat- 
ing the Cuftom-Houfe, import foreign 
Commodities Duty-free, the greateft Ob- 
ftruftion to the Confumption of Home- 
Manufadtures will be removed, And laft 
of all, which ought to be looked upon as 
a Matter of confiderable Importance, this 
Method affords no fmall Relief to the Fa- 
milies of thofe Merchants, who, being 
pundlual in their Obedience to the Rules 
of the Cuftom-Houfe, are, to the great 
O 2 Detri- 



L. of C. 



[ ] 

Detriment of their Fortunes, fupplanted 
by thofe, who finding Opportunities to 
frnuggle their Goods, can afford to ferve 
the Market at an under Rate. From all 
which we ought to conclude, that fuch 
prudent and circumfped: Meafures, with 
Regard to the Duties, not only produce 
many Advantages, but alfo prevent many 
great Mifchiefs. 

37. And becaufe we would wi(h that this 
Commonwealth, the Oeconomy whereof 
we have been hitherto confidering, might, 
if poffible, be perfect in all it's Farts, it 
now remains that we point out the Means 
of fecuring and eftablifhing the Meafures 
already fuggefted, and of bringing them, 
with the greater Eale, to the de fired End. 

38. If then it be true, that to proceed 
regularly and fuccefsful in ihe Manage- 
ment of any Affair, it is neceflfary to lay 
down a proper Plan, that we may have 
before 00 r Eyes a certain Rule for our Go- 
vernment in every Exigence ; it is un- 
doubtedly moft evident, that if this Con- 

duft. 



[ loi ] 

dud be not obferved in the Affair of Oe- 
t:onomy, it cannot be carried on in a re- 
gular and uniform Manner, nor attain the 
defired End. And therefore as we fee 
that, in civil Policy, and military Difci- 
pline, Matters are fo ordered, that there 
are diftindl Degrees of Superintendency, 
and different Offices, to keep every Thing 
in it's proper Place and Sphere ; fo the very 
fame Difpofition muil be made in every 
well-regulated Commonwealth, for the 
Diredion of it's Commerce and Manu- 
fajdtures. 

39. In Conformity therefore to this 
Method, it feems to me highly proper, 
that prudent Magiflrates fhould be chofen, 
and that each of them, according to their 
different Talents and Abilities, fhould 
have the Infpedion^ of fome particular 
Branch of Bufinefs. Among them it 
would be very proper to appoint Noble- 
men, Gentlemen, Bankers, and Confuls 
of Arts 5 and that whatever is propofed 
at their Meetings, or comes under their 

Deli- 



[ ] 

Deliberation, fhould be determined by 
GOfiimon Confent ; and, moreover, that 
they fliould make Laws, enjoining Sub- 
miffion to the Rules laid down bv thofe 
Magiftrates, and punftual Obedience to all 
their Orders, and thus maintain in their 
full Vigour fuch wholfome Regulations, as 
would greatly contribute to the Improve- 
ment of the feveral Profeffions. 

40. Moreover, becaufe the Ambition 
of Mankind to fignalize themfelves, by 
promoting the Inter eft of their Country, 
increafes in Proportion to the Refped that 
is paid them, and the Marks of Honour 
whereby they are diftinguiihed 5 it would 
therefore be commendable, as it muft pro- 
duce good Effeds, that the Prince fliould 
grant Privileges, Prerogatives, and alfo 
handfome yearly Salaries, to thofe Noble- 
men and Gentlemen who fhould diftin- 
guifti themfelves in the above-mentioned 
Offices, that thus the Order of Merchants 
might appear in a better Light, and be 
thought more honourable, 

41. And 



C ] 

41. And, to fpeak the Truth, if both 
in civil and military Life, we fee Subjedls 
raifed to Honours, according as they di- 
ftinguifli themfelves by their Merit, and 
dignified with fuch Prerogatives as the 
Generofity of their Prince thinks proper 
to beftow upon them ; if we fee them ad- 
mitted to his Counfels, and advanced to 
fuch Employments in the State, and in 
the Army, that the Nobility think it no 
Difhonour to affociate with them ; there 
is no Reafon why fome confiderable Mark 
of Regard fliould not be paid to thofe 
Subjed:s, who are ernployed in great 
Branches of Commerce, whofe Counfels, 
by Reafon "of their thorough Acquaintance 
with Matters of Oeconomy, may be of 
great Service to the State, as they them- 
felves may, with the ftrideft Juftice, be 
called the principal Supports and Pillars of 
their Country. And fince it is evident 
beyond all difpute, that Commerce is the 
Origin of that Vigour, which is the pow- 
erful Support of Kings in the Exercife of 

their 



[ 104 ] 

their fupreme Authority, and the Source 
of Wealth, which lays the Foundation of 
the greateft Monarchies ; it is furprizing 
that a Man, whofe Induftry and Capacity 
in a Matter of fach vaft Moment and 
Importance is well known, (hould meet 
with little or no Efteem at all. 

42. The Contempt which is thrown 
upon thofe who are employed in Com- 
merce, is the Occafion of great Lofs and 
Detriment to the Kingdoms and States, 
that treat them fo ill ; and that in many dif- 
ferent Refpeds, but particularly with Re- 
gard to the Nobility, who, tho' they are not 
lefs remarkable for their Riches and Af- 
fluence, than for their Talents and Capa- 
city, and are therefore better adapted to 
Commerce than others, yet after all pur- 
pofely avoid it. In this they fhew their 
Sentiments to be far different from thofe 
of the Englijldy among whom the younger 
Sons, even of the firft Nobility of thofe 
Kingdoms, think it not beneath them to 
increafe their Patrimony by Means of 

Trade. 



[ ] 

Trade. And it is very certain, that that 
Nation would not be able to boaft of fo 
great Riches, if they were not free from 
that innate Averfion, which is induftri- 
oufly inftilled into the Minds of the No- 
bility in other Nations, to prevent their 
carrying off the Prize of Trade. 

43. But, however much the Judgments 
of- fome are perverted on this Head, that 
Trade may not be looked upon as alto- 
gether unworthy of a Nobleman, it is 
proper to obferve, that even among the 
moft polifhed Nations it was never thought 
mean or low to endeavour, by any Way, 
to improve one's Fortune, and promote 
the public Good ; fince it is well known, 
that fome of the antient Romans were 
raifed from the Plough to the Diflator- 
fliip, and the higheft Command in the 
Army. And if Perfons remarkably dili- 
gent in a laudable domeftic Oeconomy 
were thought worthy of public Diflinc- 
tion, and honourable Employments ; how 
much more ought they to be efteemed fo, 
P who 



[io6] 

who apply tliemlelves not folely to the 
Management of Httle Family-Concern?^ 
bat to the Diredion of the important 
Oeconomy of a whole Kingdom ? This 
will alfo appear fufficiently evident from 
what we have advanced in the Beginning 
of this Effayj concerning Commerce, viZi 
That Trade had always been in fuch 
high Reputation, and accounted fo glori- 
ous, that even the mofl renowned Philo- 
fophers and Legiflators did not defpife it, 
which is confirmed by the general Report 
of Hiftory concerning, Thaies, So/on, Hyp- 
pocrates^ and Plato, 

44. But to come to the Conclufion of 
the whole Matter, and put an End to 
this Diflertation : When a Prince is de- 
, termined to attempt the Syflem of Go- 
vernment, which we have been de- 
fcribing, and has finally refolved to en- 
large the Commerce of his Dominions, 
animate his Subjefts to Trade, and make 
them truly expert therein ; he can da 
nothing more proper or efFedual for hia 

Pur- 



[ i<^7 ] 

' iPurpofe, than to declare in the moft pub-^ 
lie Manner, that, excepting fuch as are 
employed in fmall and fubordinate Traf- 
fic, all thofe of his Subjedl, who fliall en- 
gage in carrying on the great Branches of 
Commerce by Sea, and with foreign Na- 
tions, and thofe who fliall exert them- 
felves in introducing Arts, and Manufac- 
tures, and Improvements of this Kind ; 
that all thofe, I fay, fliall be admitted to 
Honours, and civil and military Employ- 
ments ; and that if they belong to the Or- 
der of the Nobility, they fhall not^ be 
deemed to have thereby fallen from the 
Rank due to their Birth and Quality, 
fo that both they themfelves, and fuch of 
their Defcendants as fhall continue on 
the fame Line of Commerce^ m.ay be ad- 
mitted into the Order of Knighthood, 
have accefs to be of the Council of State, 
and afpire alfo to military Preferments. 
This Declaration being once made, the 
Prince will quickly fee a more numerous 
Race of Subjeds growing up, who will 

vigo- 



[ ^o8 ] 

vigoroufly apply to Trade, grow very ex- 
pert in the Pradice of it, as well as ex- 
tremely aftive, and eagerly employ their 
Talents in improving the Revenues of the 
Crown, promoting the Advantage of their 
Fellow-Subjedts, and the general Intereft 
of the whole Kingdom. 



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